BII fuels Egypt’s clean energy future with $300M investment boost

British International Investment (BII) has unveiled a major boost for Egypt’s clean energy future, signing agreements exceeding $300 million to support two flagship renewable energy projects.

Partnering with Norwegian renewables leader Scatec, BII’s financing will contribute to the development of a 1.1 GW wind farm in the Gulf of Suez and Egypt’s first fully integrated solar photovoltaic and battery storage system (BESS), also with a 1.1 GW capacity.

With a total investment of $1.2 billion, the Gulf of Suez wind project is set to become the largest onshore wind farm in Africa.

Expected to generate 4,500 gigawatt-hours annually, the wind farm will reduce carbon dioxide emissions by around 2.5 million metric tons per year.

The project is a centerpiece of Egypt’s Nexus of Water, Food, and Energy (NWFE) program, and it is projected to create more than 10,000 direct and indirect jobs.

BII’s contribution of $190 million is part of a $704 million debt financing package backed by a strong coalition of development finance institutions.