Norwegian renewables developer Scatec will establish a 1-GW solar and 200-MWh battery storage project in Egypt — the country’s first — under an agreement signed with the Egyptian Electricity Holding Company (EEHC) at COP28 yesterday, it said in a statement. Scatec didn’t disclose the value of the project.

AfDB could provide the greenbacks: The African Development Bank (AfDB) has signed a letter of intent to finance the project “at competitive terms.”

FYI-A solar and battery storage plant combines electricity generation with battery storage, generating renewable power when solar energy is at its peak to be stored and later released as required when the sun is down. This makes “hybrid plants ideal for meeting region-wide energy needs during periods of high consumption,” the statement said.

What’s next: Scatec will work to secure the land and grid connection for the project.

Cabinet is onboard: Ministers gave the agreement their blessing at the weekly cabinet meeting on Thursday.

ALSO APPROVED BY CABINET-

Groundwork for State Grid’s 10-GW solar energy project: Cabinet also approved an MoU that will allow China Electric Power Equipment and Technology — a subsidiary of Chinese state-owned electric utility corporation State Grid — to begin its feasibility studies on a proposed 10-GW solar energy project.

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