Latest news with #NexusofWater
Daily News Egypt
6 days ago
- 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
6 days ago
- 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.
Egypt Today
12-06-2025
- Business
- Egypt Today
African Development Bank greenlights $184.1M to back Africa's largest solar power facility in Egypt
Cairo – June 12, 2025: The African Development Bank (AfDB) Group has approved a financing package of up to $184.1 million to back the development of the Obelisk solar project in southern Egypt. Once completed, the project will stand as Africa's largest solar power facility, with a capacity of 1 gigawatt. It will also feature a 200 MWh battery energy storage system to enhance grid stability and ensure a more consistent flow of renewable energy. To be located in Qena Governorate, the Obelisk project involves the design, construction, operation, and maintenance of a large-scale solar plant integrated with energy storage. The Egyptian Electricity Transmission Company will act as the sole off-taker under a 25-year Power Purchase Agreement. The total development cost exceeds $590 million, with the African Development Bank contributing $125.5 million from its ordinary capital resources. An additional $20 million will come from the Bank-managed Sustainable Energy Fund for Africa (SEFA), $18.6 million from the Canada-African Development Bank Climate Fund, and $20 million from the Clean Technology Fund under the Climate Investment Funds umbrella. Further funding is expected from a consortium of development finance institutions. The project has been awarded a "Golden License" under Egypt's Nexus of Water, Food, and Energy (NWFE) initiative, reflecting its strategic significance to the country's energy goals. It is part of a broader energy transition effort to install 10 GW of renewable capacity and phase out 5 GW of fossil fuel generation by 2030. 'The Obelisk solar project is another important milestone for Egypt under the energy pillar of the NWFE program which has since its launch in November 2022 at COP27 in Sharm El Sheikh delivered 4.2 GW of privately financed renewable energy investments, worth about $4 billion, with the support of partners such as the Africa Development Bank,' said Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation. Once operational—targeted for the third quarter of 2026—the plant will generate approximately 2,772 GWh of clean energy annually. The integrated battery system will enable the grid to meet peak evening demand using solar power, while also mitigating fluctuations in generation. Environmental benefits include an estimated annual reduction of one million tons of carbon dioxide emissions. Employment impact is also a key feature, with the construction phase expected to create around 4,000 jobs and 50 permanent positions during operations. Special emphasis will be placed on the inclusion of women and youth in the workforce. 'Obelisk is another landmark development under NWFE that leverages on Egypt's and the African Development Bank's leadership as well as commitment to harnessing the country's renewable energy to enhance the resilience of the country's energy supply to meet its fast-growing energy demand sustainably,' said Kevin Kariuki, AfDB Vice President for Power, Energy, Climate, and Green Growth. The initiative also received strong endorsement from international partners. 'Canada is proud to support solar energy development in Egypt. This initiative is a meaningful step toward enhancing energy security and stability, with direct benefits for the Egyptian people,' said Ulric Shannon, Ambassador of Canada to Egypt. The project is closely aligned with the African Development Bank's Ten-Year Strategy, the New Deal on Energy for Africa, and Egypt's Country Strategy Paper. It also supports SEFA's mission to catalyze renewable energy investment and help African nations transition toward low-carbon power systems. 'This project exploits the abundant renewable energy potential in Africa and demonstrates how strong partnerships and innovative solutions contribute to balancing three core objectives in the energy sector, namely energy security, affordability, and sustainable economic development,' said Wale Shonibare, Director of Energy Financial Solutions, Policy, and Regulation at AfDB. 'It has high potential for replicability across the continent.'
Al-Ahram Weekly
11-06-2025
- Politics
- Al-Ahram Weekly
El-Sisi urges swift completion of Decent Life 1st phase projects - Urban & Transport
President Abdel-Fattah El-Sisi urged the swift completion of the first phase of the Decent Life Initiative and the enhancement of Egypt's seawater desalination plants to maximize benefits while developing a comprehensive vision for the country's future needs. The president's directives came during a meeting on Wednesday with Prime Minister Mostafa Madbouly, Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny, and Major General Ahmed El-Azzazi, head of the Armed Forces Engineering Authority. According to Presidential Spokesperson Ambassador Mohamed El-Shennawy, the president was briefed on the progress of projects under the first phase of the Decent Life Initiative for the development of the Egyptian countryside, particularly those concerning the construction of water and sewage treatment facilities and networks in targeted villages. During the meeting, El-Sisi also emphasized the importance of completing these projects within the specified timelines. Introduced by El-Sisi in January 2019, the Decent Life Initiative aims to improve the quality of life of Egypt's most vulnerable citizens by enhancing basic daily services in rural areas. The initiative's first stage serves 28 million citizens in 1,477 villages. According to the plan, its second stage should cover 1,670 villages and provide services for some 20 million citizens. In March, PM Madbouly said the cabinet would hold biweekly meetings to monitor the initiative's progress on completing the first phase and prepare for launching the second in fiscal year (FY) 2025/2026. Meanwhile, El-Shennawy said the president also reviewed the progress in implementing the seawater desalination strategic plan. Speaking of the plan, the housing minister began by underscoring the state's efforts in that respect since 2014. He noted that desalination plants have been established in Marsa Matrouh, Beheira, South Sinai, Red Sea, Port Said, and Alexandria as part of five related five-year plans that extend through 2050. In addition, the president stressed the need to enhance the efficiency of existing plants to maximize benefits and the need to localize the desalination plants industry. Egypt suffers from a severe water shortage. While it requires 114 billion cubic metres, it has access to approximately 60 billion cubic metres annually, including 21 billion cubic metres of reused water. According to government figures, Egypt's per capita water availability has fallen to 500 cubic metres annually. This is far below the UN's 1,000 cubic metres per person threshold for water scarcity. In March, Egypt signed a cooperation protocol with the European Bank for Reconstruction and Development to include the Ain Sokhna Seawater Desalination Plant in the country's national Nexus of Water, Food, and Energy (NWFE) programme. The plant will produce one million cubic metres of clean water daily to meet the water needs of existing and future industrial projects, including green hydrogen initiatives. Moreover, the presidential spokesperson noted that El-Sisi was also briefed on the progress of several development projects and urban development plans for the northwestern coast. These projects include developing the Marina Tourist Centre, the Marina 8 project, the archaeological area in Marina, and the strategic plan for the West Ras El-Hekma area and New Alamein City. The president was also briefed on other Ministry of Housing projects, including launching phase 10 of the Beit El-Watan Initiative for Egyptians abroad. He also reviewed the government's steps to increase the number of land plots offered to meet citizens' needs. Furthermore, El-Sisi reviewed the progress on the Your Home in Egypt initiative. He also reviewed the management mechanisms for public parks in Cairo. The spokesman noted that the discussions included leveraging international best practices for green space management and development and promoting investment-related activities in these areas. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
01-06-2025
- Business
- Daily News Egypt
Suez 1.1 GW wind project, part of NWFE programme, wins two regional awards
The Suez 1.1 GW Wind Power Plant Project, part of Egypt's 'NWFE' (Nexus of Water, Food, and Energy) programme, has received two regional awards for 'Best Infrastructure Deal' and 'Best Energy Deal,' the Ministry of Planning, Economic Development and International Cooperation announced. The project, implemented by a consortium of local and foreign private sector entities, secured the 'Deal of the Year' award in the infrastructure sector from African Banker magazine. Financing for the project was contributed by a consortium of international and regional financial institutions, including the African Development Bank, the OPEC Fund for International Development, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), DEG (a subsidiary of KfW), and the Arab Petroleum Investments Corporation (APICORP). The project also received the 'Best Energy Deal in Egypt and Africa' award from EMEA Finance. This recognition was within the framework of a platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, to provide $300m in financing for the project. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, stated that energy projects within the 'NWFE' programme 'embody the strength of partnership between the government, private sector, and international institutions to drive development efforts and green transition.' Al-Mashat emphasised that the 'NWFE' programme country platform, particularly its energy pillar, has become a model for partnership between international financial institutions and the local and foreign private sector. This partnership aims to provide the necessary financing and investments to support Egypt's efforts in renewable energy, contributing to the implementation of the national sustainable energy strategy and nationally determined contributions. The Minister pointed out that structural and regulatory reforms implemented by the government since 2014 have facilitated significant private sector entry into the renewable energy field. This, she noted, has encouraged international financial institutions to inject investments and development financing into these projects. Egypt aims to achieve 42% renewable energy in its generated power mix by 2030. 'We continue to coordinate with the European Bank and other partners to add 10 GW of renewable energy through the program's projects,' Al-Mashat added. She further detailed that the energy pillar of the 'NWFE' programme has achieved tangible results since its launch in November 2022 at COP27. Agreements have been signed to initiate renewable energy projects with a capacity of 4.2 GW with private sector companies, and development financing of approximately $4bn has been mobilised for these projects. Al-Mashat explained that efforts are ongoing in coordination with the EBRD to achieve the programme's energy pillar target: adding 10 GW of renewable energy capacity with investments of approximately $10bn, phasing out 5 GW of fossil fuel power generation by 2028, and enhancing and developing grid infrastructure, while supporting national grid investments. These efforts all aim to support the national strategy. The Suez wind project is described as the largest of its kind in Egypt and one of the largest projects on the African continent. It is expected to generate 4,111 GWh annually, providing clean, reliable, and affordable energy to over one million households. The project is also anticipated to reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments under the Paris Agreement.
