Latest news with #NexusofWater
Egypt Independent
12-07-2025
- Business
- Egypt Independent
Planning min. lauds significant progress in Egypt-UK development coop.
Minister of Planning, Economic Development and International Cooperation Rania al-Mashat lauded the significant progress in development cooperation between Egypt and the UK. Al-Mashat made the remarks during her participation in a farewell ceremony for British Ambassador in Cairo Gareth Bayley, whose tenure in Egypt ended. The ceremony was attended by a large number of public figures, as well as representatives of the British Egyptian Business Association (BEBA). The minister highlighted the ambassador's effective role since 2021 in advancing Egyptian-British relations and enhancing partnerships between the two countries' public and private sectors. Regarding the remarkable boom in Egyptian-British development cooperation, Mashat said the UK has backed the launch of the Nexus of Water, Food and Energy (NWFE) Program and the launch of the Hub for Advisory, Finance and Investment for Enterprises (Hafiz) platform, which serves as a new financial and technical support platform for the private sector. The minister added that the UK contributed to diversifying innovative funding sources for the public and private sectors in Egypt, strengthening financing mechanisms for small and medium-sized enterprises, in addition to supporting startups in climate action. On his part, the British diplomat commended the strong and historical ties between Egypt and the UK, both at the governmental level and within the private sectors of both nations. He shed light on the projects supported by the UK in Egypt, including the 'NWFE' program, which acts as a tool for mobilizing climate investment and advancing the country's green transition efforts.
Economic Key
02-07-2025
- Business
- 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
02-07-2025
- Business
- 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:
Daily News Egypt
16-06-2025
- Business
- Daily News Egypt
IFC, AMEA Power launch Egypt's first utility-scale battery storage system
The International Finance Corporation (IFC) announced on Sunday a landmark investment to support the development of Egypt's first utility-scale battery energy storage system (BESS), in partnership with AMEA Power and the Government of Egypt. The project aims to enhance grid resilience and support the country's transition to clean energy. The IFC is providing a $72m debt package to Abydos Solar Project Company, a subsidiary of AMEA Power, to finance the integration of a 300 MWh BESS with the recently operational 500 MWac Kom Ombo solar photovoltaic plant in Aswan Governorate. The solar plant, which began operations in November 2024, was also financed by IFC and international partners in 2022. The battery system, currently in the commissioning phase, is expected to be fully operational by July 2025. Once online, it will deliver approximately 100,000 MWh of energy annually and reduce CO₂ emissions by nearly 20,000 tons each year. This milestone marks the first BESS to be developed under Egypt's 4 GW Emergency Renewable Energy Program—an initiative designed to meet increasing electricity demand through clean, cost-effective sources while reducing reliance on imported natural gas. 'At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration,' said Hussain Al Nowais, Chairman of AMEA Power. 'Achieving financial close for Egypt's first utility-scale BESS—following the successful launch of our 500 MW wind farm in the country—is a clear demonstration of our ability to deliver large-scale renewable energy projects. We're proud to support Egypt's energy transition and grid reliability.' Makhtar Diop, Managing Director of IFC, emphasized the significance of the partnership: 'Meeting Egypt's rising energy demand—especially during peak summer months—requires bold, forward-looking solutions. This project delivers sustainable infrastructure today while laying the foundation for a more resilient, cleaner energy future. It showcases how strategic partnerships and advanced technologies can accelerate energy transitions.' The BESS project aligns with Egypt's climate platform, the Nexus of Water, Food, and Energy (NWFE), and the World Bank Group's Country Partnership Framework for Egypt (FY23–27), which emphasizes job creation, human capital development, and resilience to environmental and economic shocks. Since 2017, the World Bank Group and other development finance institutions (DFIs) have supported Egypt's private sector in developing 2.1 GW of solar and 2.8 GW of wind capacity. These efforts are expected to account for over half of Egypt's installed renewable energy capacity by 2027. IFC has played a key role in landmark initiatives such as the 1.4 GW feed-in-tariff (FiT) program at the Benban Solar Park, the 252 MW West Bakr Wind project, and AMEA Power's twin 500 MW Abydos Solar and Amunet Wind projects. Since launching its operations in Egypt in 1975, IFC has invested and mobilized nearly $10bn in development projects and maintains an advisory portfolio valued at $25m. Its work in Egypt spans climate finance, fintech, infrastructure, healthcare, manufacturing, gender equity, and renewable energy.
Egypt Today
15-06-2025
- Business
- Egypt Today
Egypt signs 6 agreements to accelerate renewable energy
CAIRO – 15 June 2025: At the Development Finance to Foster Private Sector-Led Growth & Jobs conference, the Egyptian government inked six major agreements with international development partners and private sector players, reinforcing its commitment to sustainable energy and economic growth. A key highlight was the financial closure of the Obelisk Solar Power Plant, a flagship project by Norway's Scatec, featuring 1 gigawatt of solar capacity and 200 megawatt-hours of battery storage. With an investment of $600 million, the project is part of the Ministry of Electricity's emergency energy expansion plan and contributes to the energy pillar of Egypt's NWFE (Nexus of Water, Food, and Energy) program. The conference also saw the signing of a Power Purchase Agreement for the Shadwan Wind Project, another Scatec-led venture located in Ras Shukeir, Gulf of Suez. The project will deliver 900 megawatts of wind energy and bring in approximately $1 billion in direct foreign investment, further supporting Egypt's clean energy agenda under NWFE. In a third major step, the International Finance Corporation (IFC) partnered with AMEA Power of the UAE to finance Egypt's first utility-scale battery energy storage facility, integrated within the Abydos Solar Project, another key NWFE initiative. Beyond energy, agreements were signed to expand private sector support through the Hafiz platform. The Ministry of Planning and Economic Development signed an MoU with the Federation of Egyptian Banks to improve access to financial and technical services for local businesses. Additionally, a €21 million investment grant was signed with the European Investment Bank (EIB) to advance Egypt's Sustainable Green Industries Project. Rounding off the agreements, Minister Rania Al-Mashat signed a cooperation deal with 12 representatives from chambers of commerce, business associations, and the Federation of Egyptian Industries to scale up engagement with Hafiz and strengthen support for entrepreneurs and industrial leaders across Egypt.
