British International Investment (BII) has shared that it will help pay for two large clean energy projects in Egypt. The total money BII is putting in is over $300 million. This funding is part of BII’s plan to help Egypt build more renewable power and create jobs.
One project is called the Gulf of Suez Wind Farm. It will be built to produce about 1.10 gigawatts of wind energy. When running, the wind farm should make about 4,500 gigawatt-hours of power each year. This power could help cut down on around 2.5 million metric tons of carbon emissions yearly.
The total cost for the wind farm is about $1.20 billion. BII is adding about $190 million to a bigger pot of money. Other groups helping pay include the European Bank for Reconstruction and Development, the African Development Bank, DEG from Germany, the OPEC Fund, and the Arab Energy Fund.
This wind project is part of Egypt’s plan called the Nexus of Water, Food & Energy. The idea is to help power the country and bring jobs. Around 10,000 jobs linked to energy are expected to come from the wind farm work.
BII is also putting money into Egypt’s first big project that joins solar energy and battery storage. This plan is being done with a company called Scatec and backed by the African Development Bank and the European Bank for Reconstruction and Development.
The solar plant will make about 1.10 gigawatts of power. It will also have 200 megawatt-hours of batteries to store power for when the sun is not shining. The whole project will cost around $479.10 million. BII will support this with a $100 million low-cost loan and a $15 million grant. This extra money is meant to lower the cost for the battery storage.
