EBRD backs Scatec’s Shadwan wind farm with USD 192 mn

Egypt’s renewable energy buildout has new backing from the European Bank for Reconstruction and Development (EBRD), which aims to plug USD 192 mn into the 900 MW Shadwan wind farm owned by Norway’s Scatec, EBRD said in a disclosure on its website. The EBRD’s senior debt financing will go toward the construction and operation of the facility based in Ras Shukeir on the Red Sea.

REMEMBER- Scatec inked a USD-denominated, 25-year power purchase agreement for its wind power project — whose cost will total USD 1 bn — with the Egyptian Electricity Transmission Company last year. At the time, the company was expected to wrap up a study of the area in 2H 2026 and proceed toward financial close and the commencement of construction.

The big (green) picture: The Shadwan project is part of Egypt’s Nexus of Water, Food, and Energy program, whose Energy Pillar is led by the EBRD. The program has mobilized around USD 4 bn in concessional financing for private renewable projects totaling 4.2 GW, and has a 10 GW target by 2028.

The EBRD is mulling more investment in Egypt’s wind power infrastructure, including a possible USD 200 mn loan package to back UAE-based Alcazar Energy Partners’ 500-MW wind complex in Ras Ghareb.

Not the only Scatec-EBRD project: The Norwegian energy giant brought the rest of its 1.1-GW Obelisk solar-and-battery project in Nagaa Hammadi fully online last week, with the EBRD contributing USD 173.5 mn of the project’s USD 600 mn investment cost.

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