EBRD backs 1 GW solar-plus-storage project in Egypt with $30 million loan

Scatec has broken ground on Egypt’s first major hybrid solar and battery project after securing a $30 million equity bridge loan from the European Bank for Reconstruction and Development (EBRD).

From ESS News

The EBRD has provided a $30 million equity bridge loan to support Egypt’s first major hybrid renewable energy project, which has now officially broken ground. The installation combines large-scale solar with battery storage capabilities.

Norwegian renewables developer Scatec has started building the 1.1 GW solar plant with a 100 MW/200 MWh battery energy storage system in Nagaa Hammadi through its special purpose vehicle, Obelisk Solar Power. The first phase will deliver 561 MW of solar alongside the full battery storage component, with commercial operation targeted for the first half of 2026.

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