British International Investment (BII) Signs Over $300 Million Agreements
The Gulf of Suez Wind Farm, a $1.05 billion project and Africa's largest onshore wind development, is expected to generate over 4,300 GWh annually, helping to avoid 2.2 million tonnes of CO₂ emissions per year. BII's $190 million investment forms part of a broader $707 million in long-term debt financing with a consortium of development finance institutions (DFIs) including the European Bank for Reconstruction and Development (EBRD), the African
Development Bank (AfDB), DEG – the German development dinance institution (DFI), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation
(APICORP). The project builds on Egypt's Nexus of Water, Food & Energy (NWFE) programme and will create over 10,000 jobs, placing it in the top 30% of BII's power portfolio in terms of employment-to-cost ratio.
BII has also signed an agreement to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The
$475.6 million project – representing 80% of the total capital cost – will deliver 1 GW of solar PV capacity and 200 MWh of battery storage. BII is providing a $100 million concessional loan and a $15 million grant to reduce the cost of the BESS component, making the project more viable, attracting private investment, and setting a model for future deals.
With an updated portfolio size of over $708 million, Egypt is a critical partner for BII with the latest agreements reflecting an ongoing commitment to the region's climate agenda. The projects align with BII's North Africa climate strategy, which underscores the role of innovative and scalable renewable energy technologies that enhance climate resilience for future generations. In Morocco, BII backs green hydrogen projects, while in Tunisia, the DFI is identifying opportunities to scale climate-smart agriculture. These efforts collectively promote climate innovation, enabling the private sector's ability to produce, export and share clean energy.
Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, added: 'Our latest agreements reflect BII's long-term commitment to Egypt's clean energy transition and our confidence in the country's ability to lead on climate innovation in the region. Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs. Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy.
تم نسخ الرابط
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
19 hours ago
- See - Sada Elbalad
Saudi Crown Prince, German Chancellor discuss bilateral relations
Basant Ahmed Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud discussed, in a phone call on Thursday, with German Chancellor Friedrich Merz, the most important developments and efforts made to enhance security and stability in the region. During the call, according to the Saudi Press Agency (SPA), bilateral relations between the two countries and ways to enhance them in a number of areas were reviewed. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Shell Unveils Cost-Cutting, LNG Growth Plan
Economic Key
2 days ago
- Economic Key
British International Investment (BII) Signs Over $300 Million Agreements
British International Investment (BII), the UK's development finance institution and impact investor, has signed over $300 million in agreements to support two pioneering renewable energy projects in Egypt – a new 1.1GW Gulf of Suez Wind Farm and a 1GW integrated solar and battery storage project with Scatec. The agreements reflect BII's investment plan to accelerate Egypt's energy transition and build climate-resilient infrastructure that stimulates growth in North African countries. The Gulf of Suez Wind Farm, a $1.05 billion project and Africa's largest onshore wind development, is expected to generate over 4,300 GWh annually, helping to avoid 2.2 million tonnes of CO₂ emissions per year. BII's $190 million investment forms part of a broader $707 million in long-term debt financing with a consortium of development finance institutions (DFIs) including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), DEG – the German development dinance institution (DFI), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). The project builds on Egypt's Nexus of Water, Food & Energy (NWFE) programme and will create over 10,000 jobs, placing it in the top 30% of BII's power portfolio in terms of employment-to-cost ratio. BII has also signed an agreement to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The $475.6 million project – representing 80% of the total capital cost – will deliver 1 GW of solar PV capacity and 200 MWh of battery storage. BII is providing a $100 million concessional loan and a $15 million grant to reduce the cost of the BESS component, making the project more viable, attracting private investment, and setting a model for future deals. With an updated portfolio size of over $708 million, Egypt is a critical partner for BII with the latest agreements reflecting an ongoing commitment to the region's climate agenda. The projects align with BII's North Africa climate strategy, which underscores the role of innovative and scalable renewable energy technologies that enhance climate resilience for future generations. In Morocco, BII backs green hydrogen projects, while in Tunisia, the DFI is identifying opportunities to scale climate-smart agriculture. These efforts collectively promote climate innovation, enabling the private sector's ability to produce, export and share clean energy. Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, added: 'Our latest agreements reflect BII's long-term commitment to Egypt's clean energy transition and our confidence in the country's ability to lead on climate innovation in the region. Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs. Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy. تم نسخ الرابط
Al-Ahram Weekly
3 days ago
- Al-Ahram Weekly
BII commits over $300 mln to Egypt's renewable energy projects - Energy
British International Investment (BII), the UK's development finance institution and impact investor, announced on Wednesday over $300 million in new commitments to support Egypt's transition to clean energy, as the country seeks to position itself as a regional renewable energy hub. The funds will help develop more than 2 gigawatts of new renewable energy capacity, contributing to Egypt's target of generating 42 percent of its electricity from renewable sources by 2030. The financing supports two large-scale projects: the 1.1 gigawatt Gulf of Suez Wind Farm, set to be Africa's largest onshore wind installation, and a 1 gigawatt solar photovoltaic (PV) and battery energy storage system (BESS) being developed in collaboration with Norwegian energy company Scatec. Gulf of Suez Wind Farm: Africa's largest onshore wind project BII is investing $190 million in the $1.05 billion Gulf of Suez Wind Farm, which will produce over 4,300 gigawatt hours (GWh) of electricity annually and prevent an estimated 2.2 million tonnes of CO₂ emissions per year. The project is also expected to support more than 10,000 jobs, according to BII. The wind farm is part of a $707 million debt package backed by a group of development finance institutions (DFIs), including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), DEG – Deutsche Investitions- und Entwicklungsgesellschaft, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). The project is a core pillar of Egypt's Nexus of Water, Food, and Energy (NWFE) initiative, a government framework that aims to integrate climate-related investments across various sectors. Pioneering solar + storage: Egypt's 1st utility-scale BESS project BII is also co-financing Egypt's first utility-scale solar and battery storage project alongside Scatec, the EBRD, and the AfDB. The $475.6 million project, which accounts for 80 percent of the total capital cost, will deliver 1 GW of solar capacity and 200 megawatt-hours (MWh) of battery storage aimed at enhancing grid reliability. To support the battery component, BII is providing a $100 million concessional loan and a $15 million grant as part of a blended finance approach aimed at reducing costs and attracting private investment. With these deals, BII's total investment portfolio in Egypt now exceeds $708 million. The institution says it views Egypt as a key market in its broader North Africa strategy, which includes green hydrogen projects in Morocco and sustainable agriculture initiatives in Tunisia. 'Our latest agreements reflect BII's long-term commitment to Egypt's clean energy transition and our confidence in the country's ability to lead on climate innovation in the region,' said Sherine Shohdy, BII's Head of Egypt Office and Coverage Director. 'Through our capital partnerships, we are proud to deliver new infrastructure that provides affordable, reliable, low-carbon power and unlocks thousands of green jobs. Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy', Shohdy added. Both projects support Egypt's Vision 2030 development strategy and highlight growing international interest in the country's energy transition. They also reflect the role that concessional finance is playing in making large-scale renewable projects viable in emerging markets. Follow us on: Facebook Instagram Whatsapp Short link:
