Arab Finance: The British International Investment Corporation BII has announced the signing of agreements exceeding $ 300 million to support two pioneering projects in the renewable energy sector in Egypt: a new wind farm with a capacity of 1.1 GB in the Gulf of Suez, an integrated solar energy project and storing batteries at the same ability, in cooperation with the company “Skatak”.
The Wind Farm Project in the Gulf of Suez – with an investment value of $ 1.2 billion – is the largest wild wind energy project in Africa, and is expected to be produced 4,500 GB/hour annually, which contributes to reducing carbon dioxide emissions by about 2.5 million metric tons annually. The contribution of the British International Investment Corporation BII includes an investment of $ 190 million.
Within a broader debt financing package of $ 704 million, with the participation of a number of development financing institutions, namely: the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AFDB), the German Development Corporation Deg, the OPEC Fund for International Development, and the Arab Energy Fund. The project is based on the Egyptian “Noufe” program to link water, food and energy, and it is expected that it will provide more than 10,000 direct and indirect jobs supported by energy.
The British International Investment Corporation BII has also signed an agreement to finance the first integrated system in Egypt for solar solar energy and energy storage with batteries (BESS), in partnership with the company “Skatak”, the African Bank for Development, and the European Bank for Reconstruction and Development. The cost of the project is 479.1 million dollars, equivalent to 80% of its total capital cost, and provides 1.1 GB of solar energy and 200 megawatts/hour of batteries storage capacity.
The British International Investment Corporation BII provides an easy loan of $ 100 million and a $ 15 million grant, to reduce the capital cost of storing batteries, which contributes to enhancing the commercial feasibility of the project, attracting private sector investments, and providing a role model for future agreements.
With an investment portfolio exceeding $ 708 million in Egypt, the country is a major strategic partner for the British International Investment Corporation BII; Where these agreements confirm the institution's continuous commitment to support the climate agenda in the region. Projects are compatible with the British International Climate Investment Institution strategy in North Africa, which focuses on the pivotal role of innovative and expandable renewable technologies, to enhance the solid societies in the face of climate change. In Morocco, the British International Investment Corporation BII supports green hydrogen projects, and in Tunisia it explores opportunities to expand the scope of smart cultivation.
The Ministry of Planning, Economic Development and International Cooperation launched the second follow -up report About the “Nuvi” program, where the energy axis aims to add 10 GB Among the capabilities of renewable energy, with investments of about 10 billion dollars, and the gradual disposal of 5 GB of power generation in fossil fuel by 2028, and over two and a half years, soft funds have been mobilized at a value SCATEC, Emia Power, affiliated to the UAE company, Amea Power, Orascom, Hassan Allam for the facilities Hau.
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