Egypt signs $1.8 bln renewables and energy storage deals in SCZone

The Ministry of Electricity and Renewable Energy and the General Authority for Suez Canal Economic Zone (SCZone) have signed two agreements worth over $1.8 billion in investments for renewable energy and energy storage, aimed at enhancing the reliability of the national electricity grid, a cabinet statement said on Sunday.

The first agreement is a land usufruct contract for a solar power plant and battery storage facility, named Energy Valley, in Minya Governorate, developed by Norwegian renewable energy firm Scatec. 

The project also includes the construction of new substations and power transmission lines to supply electricity to the industrial zone in Minya’s Wadi El-Siririya.

Energy Valley is the first project in the region to supply clean and stable electricity 24 hours a day, with 1.7 gigawatts (GW) of alternating current solar photovoltaic power. It is supported by battery storage systems with a capacity of 4 GW per hour, distributed across Minya, Qena, and Alexandria.

Preliminary financing agreements were also signed with the European Investment Bank (EIB), the African Development Bank (AfDB) and the European Bank for Reconstruction and Development (EBRD) for the Energy Valley project.