Latest news with #ScatecASA
Zawya
4 days ago
- Business
- Zawya
African Development Bank readies $476mln loan for Egypt solar plant
The African Development Bank has teamed up with European Bank for Development and Reconstruction (EBRD), and the British International Investment (BII), the UK's development finance institution and impact investor, to provide $479.1 million in funding to Obelisk Solar Power SAE, a special purpose vehicle incorporated in Egypt, and owned by Scatec ASA. This financial facility will be used for supporting the development of a 1GW solar photovoltaic power plant integrated with a 200 MWh Battery Energy Storage System (BESS) in the Nagaa Hammadi region of Egypt. The African Development Bank Group's financing package of $184.1 million includes $125.5 million in commercial loans, as well as concessional funding from Bank Group-managed Special Funds the Sustainable Energy Fund for Africa (SEFA) worth $20 million, and $18.6 million from the Canada-African Development Bank Climate Fund, a partnership of the African Development Bank and the Government of Canada. A further $20 million will be channelled from the Climate Investment Funds' Clean Technology Fund through the African Development Bank. The Bank's Board of Directors approved the funding package on June 11, 2025. As per the deal, EBRD will be providing a financing package of up to $173.5 million, of which $101.9 million will benefit from a European Fund for Sustainable Development (EFSD+) first loss cover guarantee for the first 18 years, in addition to a $6.5 million grant to be provided by the EBRD Shareholder Special Fund. BII financing includes a $100 million concessional loan and a $15 million returnable grant that helps lower the overall cost of the BESS part of the project, making it more financially viable and affordable, while attracting private sector participation and creating models for future investments. BII's financing is subject to drawn down conditions. The project's blended financing of $475.6 million corresponds to approximately 80 per cent of the total estimated capital expenditure of $590 million. According to AfDB, the integrated power plant will be developed by Scatec, a leading renewable energy solutions provider, and built in two phases. The first phase, with 561 MW of solar and 100 MW/200 MWh of battery storage, aims to begin operations in the first half of 2026. The second phase of 564 MW solar aims to start operations in the second half of 2026. The energy will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company, backed by a sovereign guarantee. Upon completion, it will be the first integrated solar photovoltaic and battery storage project of this scale in Egypt, representing a significant milestone in the country's energy transition. Egypt aims to reach 42 per cent of renewables in its power mix by 2030. The solar power plant is estimated to generate approximately 3,000GWh per year of additional renewable power, which will enhance grid stability and manage peak demand. It will also reduce carbon dioxide emissions by up to 1.4 million metric tons annually. The facility will support the diversification of Egypt's energy mix and will increase the share of renewable energy contributing to the reduction of greenhouse gas emissions and supporting the country's decarbonisation goals. Egypt's Minister of Planning, Economic Development and International Cooperation, Dr Rania A. Al-Mashat said: "The Obelisk Solar Power project represents a landmark in Egypt's clean energy transition, not only as the first integrated solar and battery storage facility, but also as a model for innovative financing through effective multilateral partnerships." "It reflects our continued efforts to scale renewable energy, enhance grid resilience, and drive forward the implementation of Egypt's Nexus of Water, Food and Energy (NWFE) Country Platform, thus advancing our climate ambitions and creating new opportunities for private sector engagement and sustainable development," she added.
Zawya
5 days ago
- Business
- Zawya
African Development Bank, British International Investment and European Bank of Reconstruction and Development support pioneering solar and battery storage project in Egypt with $476 million loan
Egypt's first integrated solar and battery storage plant will deliver dispatchable clean energy, enhance grid stability, and manage peak demand. It is expected to generate approximately 3,000 GWh of clean energy and avoid up to 1.4 million tons of emissions annually, supporting Egypt's decarbonisation goals. The African Development Bank ( European Bank for Development and Reconstruction (EBRD), and the British International Investment (BII), the UK's development finance institution and impact investor, are providing $479.1 million to Obelisk Solar Power SAE, a special purpose vehicle incorporated in Egypt, and owned by Scatec ASA ( This financing will support the development of a 1 GW solar photovoltaic (PV) power plant integrated with a 200 MWh Battery Energy Storage System (BESS) in the country's Nagaa Hammadi region. The African Development Bank Group's financing package of $184.1 million includes $125.5 million in commercial loans, as well as concessional funding from Bank Group-managed Special Funds the Sustainable Energy Fund for Africa (SEFA) worth $20 million, and $18.6 million from the Canada-African Development Bank Climate Fund, a partnership of the African Development Bank and the Government of Canada. A further $20 million will be channelled from the Climate Investment Funds' Clean Technology Fund through the African Development Bank. The Bank's Board of Directors approved the funding package on 11 June 2025 ( EBRD will be providing a financing package of up to $173.5 million, of which US$101.9 million will benefit from a European Fund for Sustainable Development (EFSD+) first loss cover guarantee for the first 18 years, in addition to a $6.5 million grant to be provided by the EBRD Shareholder Special Fund. BII financing includes a US$100 million concessional loan and a US$15 million returnable grant that helps lower the overall cost of the BESS part of the project, making it more financially viable and affordable, while attracting private sector participation and creating models for future investments. BII's financing is subject to drawn down conditions. The project's blended financing of $475.6 million corresponds to approximately 80 per cent of the total estimated capital expenditure of $590 million. The integrated power plant will be developed by Scatec, a leading renewable energy solutions provider, and built in two phases. The first phase, with 561 MW of solar and 100 MW/200 MWh of battery storage, aims to begin operations in the first half of 2026. The second phase of 564 MW solar aims to start operations in the second half of 2026. The energy will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company, backed by a sovereign guarantee. Upon completion, it will be the first integrated solar photovoltaic and battery storage project of this scale in Egypt, representing a significant milestone in the country's energy transition. Egypt aims to reach 42 per cent of renewables in its power mix by 2030. The solar power plant is estimated to generate approximately 3,000GWh per year of additional renewable power, which will enhance grid stability and manage peak demand. It will also reduce carbon dioxide emissions by up to 1.4 million metric tons annually. The facility will support the diversification of Egypt's energy mix and will increase the share of renewable energy contributing to the reduction of greenhouse gas emissions and supporting the country's decarbonisation goals. Egypt's Minister of Planning, Economic Development and International Cooperation, Dr. Rania A. Al-Mashat: 'The Obelisk Solar Power project represents a landmark in Egypt's clean energy transition, not only as the first integrated solar and battery storage facility, but also as a model for innovative financing through effective multilateral partnerships. It reflects our continued efforts to scale renewable energy, enhance grid resilience, and drive forward the implementation of Egypt's Nexus of Water, Food and Energy (NWFE) Country Platform, thus advancing our climate ambitions and creating new opportunities for private sector engagement and sustainable development.' Wale Shonibare, The African Development Bank's Director of Energy Financial Solutions, Policy, and Regulations noted: "This project exemplifies the scale of renewable energy potential across Africa and demonstrates how strong partnerships and innovative solutions can advance the energy transition and foster sustainable economic development. It has a high demonstration and replication potential for similar initiatives across the continent.' Iain Macaulay, Director and Head of Project Finance (Africa&Pakistan), BII said: "This agreement underscores BII's commitment to innovative and sustainable energy solutions. The integration of battery storage with solar PV is a game-changer for Egypt's energy sector, providing reliable and dispatchable renewable energy and reducing reliance on fossil fuels. This project not only meets Egypt's current energy needs but also sets a precedent for future dispatchable hybrid renewable energy projects in the region." Boyd Carpenter, EBRD Managing Director for sustainable Infrastructure, said: 'We're delighted to work with our longstanding partners SCATEC, African Development Bank and BII to support this transformative project, which takes Egypt's green energy transition to another level by harnessing the power of the sun not just during the day but also at night, thanks to the combination of solar and battery storage. It addresses the growing demand for electricity and reduces the need to import expensive fossil fuels. The project contributes towards the goals of the Egypt's flagship Nexus on Water, Food, and Energy which was launched at COP27 in Sharm El Sheikh, and for which EBRD is Egypt's lead partner on the energy pillar." Stefano Sannino, Director-General of the Directorate-General for the Middle East, North Africa and Gulf of the European Commission said: 'Today, the European Union (EU) launches the EU-Egypt Investment Guarantee for Development Mechanism, a strategic platform designed to fast-track a significant pipeline of investment projects to deliver large-scale financing solutions in Egypt. This is a major milestone in the implementation of the EU-Egypt Strategic Partnership. This particular project is a concrete example of a fruitful collaboration between the EU and the EBRD for supporting green transition in the country, through a large-scale investment. The EU guarantee allows the EBRD to provide a loan alongside other financiers to finance an innovative integrated solution which can attract private investors.' Terje Pilskog, CEO of Scatec, the project's operation and maintenance contractor, said: 'This project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners.' Distributed by APO Group on behalf of African Development Bank Group (AfDB). For media inquiries please contact: The African Development Bank Olufemi Terry media@ British International Investment Paschorina Mortty press@ The European Bank for Development and Reconstruction Nibal Zgheib zgheibn@ Scatec Meera Bhatia Follow British International Investment on: LinkedIn: X: Follow The European Bank for Development and Reconstruction on: Web: Facebook: LinkedIn: Instagram: Twitter: YouTube: About British International Investment: British International Investment is the UK's development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII's total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women's economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion. For more information, visit: | watch here ( About The European Bank for Development and Reconstruction: The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 75 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive ( inclusive ( well-governed ( green ( resilient and integrated (
Yahoo
5 days ago
- Business
- Yahoo
Scatec ASA: Employee Share Purchase Programme 2025
Oslo, 16 June 2025: Scatec ASA ('The Company') is continuing its Employee Share Purchase Programme established in 2019. The participants are offered to purchase shares with a subscription value of between NOK 10,413 and NOK 104,128. Employees are offered a price reduction of 25 percent of the subscription value in exchange for the shares being subject to a two-year lock-up period. The subscription period will run from 16 June to 25 June 2025. The price per share will be based on the average volume-weighted share price on the Oslo Stock Exchange over the last five trading days during the subscription period. The allocation of shares will take place by the end of June 2025. DNB will on behalf of the Company purchase Scatec ASA shares in the open market for onwards sale to participants under the programme. For further information, please contact:Andreas Austrell, SVP 974 38 686 About ScatecScatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of 'Improving our Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more, visit or connect with us on LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Zawya
5 days ago
- Business
- Zawya
UAE's AMEA Power reaches financial close for Egypt's first utility-scale BESS project
UAE-based renewable energy company AMEA Power announced on Monday the financial close of Egypt's first ever utility-scale Battery Energy Storage System (BESS) project. The 300MWh [megawatt-hour] BESS project is an extension of AMEA Power's operational 500-megawatts (MW) Solar PV Plant in Kom Ombo, Aswan Governorate that was commissioned in December 2024. The BESS project will receive a $72 million debt package from IFC, which will finance the integration of the project into the existing plant, AMEA Power said in a press statement. It said the project was constructed in a record time of approximately six months from the signing of the project documents, and is scheduled to be commissioned in July 2025. IFC and AMEA Power have previously collaborated on the 500MW Amunet Wind Farm in Ras Ghareb, Egypt and a 120MWp solar PV plant in Metbassta, Tunisia. On Monday, Norway-headquartered renewable energy company Scatec ASA announced that it has reached financial close for the Obelisk hybrid solar and battery energy storage system (BESS) project in Egypt. (Writing by SA Kader; Editing by Anoop Menon) (
Yahoo
5 days ago
- Business
- Yahoo
Scatec ASA: Employee Share Purchase Programme 2025
Oslo, 16 June 2025: Scatec ASA ('The Company') is continuing its Employee Share Purchase Programme established in 2019. The participants are offered to purchase shares with a subscription value of between NOK 10,413 and NOK 104,128. Employees are offered a price reduction of 25 percent of the subscription value in exchange for the shares being subject to a two-year lock-up period. The subscription period will run from 16 June to 25 June 2025. The price per share will be based on the average volume-weighted share price on the Oslo Stock Exchange over the last five trading days during the subscription period. The allocation of shares will take place by the end of June 2025. DNB will on behalf of the Company purchase Scatec ASA shares in the open market for onwards sale to participants under the programme. For further information, please contact:Andreas Austrell, SVP 974 38 686 About ScatecScatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of 'Improving our Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more, visit or connect with us on LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActSign in to access your portfolio
