Egypt signs $650 million deal for solar project — Asharq Al-Awsat

Egypt has signed a preliminary agreement to finance the $650 million Dandara solar energy project in the southern province of Qena. The facility will be built in the city of Nag Hammadi; its planned capacity will be 1 gigawatt, while the battery energy storage system will have a capacity of 200 megawatt-hours.

Financing participants

The agreement was concluded with Norwegian company Scatec and three multilateral development banks, Asharq Al-Awsat reports, citing the Egyptian government. The European Investment Bank, the European Bank for Reconstruction and Development, and the African Development Bank are participating in the financing arrangements.

The National Bank of Egypt will also receive an equity stake in the project company.

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Two construction phases

The project is planned to be implemented in two phases. Each phase предусматривает the commissioning of 500 megawatts of solar generation and 100 megawatt-hours of energy storage systems.

Egypt is expanding renewable energy projects to reduce spending on natural gas imports. The country aims to raise the share of renewable sources in electricity generation to 42% by 2030.