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African Development Bank approves €19.6 million in financing to scale up Cabo Verde’s pioneer in wind and battery storage capacity

Source: Africa Press Organisation – English (2) – Report:

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project in Cabo Verde.

The project is the country’s first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale.

The financing includes a loan of approximately €12.6 million from the African Development Bank, and €7 million in concessional loan financing from the Bank Group-managed Sustainable Energy Fund for Africa (SEFA).

Building on the success of the original Cabeólica power project commissioned in 2012, Phase II will add 13.5 megawatts of wind generation capacity and 26 megawatt-hours of grid-connected battery energy storage. The expansion is expected to generate over 60 gigawatt-hours of clean energy annually, eliminating expensive thermal generation and reducing carbon dioxide emissions by an estimated 50,000 tonnes annually.

“This project is a testament to Cabo Verde’s long-term vision to decarbonize its power sector and enhance its resilience. It also demonstrates how private sector investment, facilitated by catalytic concessional financing, can deliver cost-effective, sustainable energy solutions for small island economies,” said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulations at the African Development Bank. 

Daniel Schroth, the Bank Group’s director for Renewable Energy and Efficiency said: “SEFA’s support for the integration of battery storage into Cabo Verde’s power system enhances power security and grid reliability while reducing generation costs in Cabo Verde.” He noted that the project highlights the added value of the right mix of financing and technology to strengthen long-term power sector sustainability.

Ayotunde Anjorin, Chairman of Cabeólica and Senior Director and CFO at Africa Finance Corporation, said: “As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica  is again proud to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores Cabeólica’s deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.”

Cabeólica Phase II entails five installations across four islands: a wind expansion on Santiago and BESS deployments on Santiago, Sal, Boa Vista, and São Vicente. Battery storage will support ancillary grid services such as frequency response and voltage regulation, enabling more efficient use of intermittent wind power and reducing curtailment. With Cabo Verde’s electricity system still heavily reliant on imported fossil fuels, these upgrades are expected to reduce system costs and enhance energy security.

Owned by Africa Finance Corporation, A.P. Moller Capital, and Cabo Verdean public entities, Cabeólica S.A. is the country’s first independent power producer (IPP). Phase II of the project will be underpinned by a 20-year power purchase and storage services agreement with the national utility Electra S.A., at tariffs significantly lower than the national average generation cost.

The project advances Cabo Verde’s goal of generating 50% of its electricity from renewables by 2030 as well as its Nationally Determined Contribution under the Paris Agreement.

It aligns with the African Development Bank’s ‘Light Up and Power Africa’ High-5 priority, its Ten-Year Strategy, and SEFA’s Green Baseload pillar.

– on behalf of African Development Bank Group (AfDB).

Media Contact:
Olufemi Terry
Communication and External Relations Department
media@afdb.org

Technical Contact:
Wole Lawuyi
Chief Investment Officer
Energy Financial Solutions
c.lawuyi@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

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President El-Sisi Meets Chairman of Arab Organization for Industrialization (AOI) Board of Directors

Source: Africa Press Organisation – English (2) – Report:

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Today, President Abdel Fattah El-Sisi met with Chairman of the Board of Directors of the Arab Organization for Industrialization (AOI) Major General Mokhtar Abdel Latif.

Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the President was briefed on the activities and projects undertaken by factories and companies affiliated with the Arab Organization for Industrialization across various fields. Major General Abdel Latif noted that the AOI operates according to a comprehensive strategy aimed at deepening local manufacturing, increasing export rates, and enhancing the industrial and technological capabilities of its factories. This is in addition to cooperating with the private sector to establish joint projects, leveraging the AOI’s advanced industrial capabilities.

President El-Sisi affirmed the AOI’s significant role in various sectors, particularly with regard to the improvement of local manufacturing ratios, the localization of industry, and the increase of exports, which contributes to reducing the import bill and providing foreign currency, thereby supporting the national economy.

President El-Sisi was also updated on the existing frameworks of cooperation between the AOI and several major international companies operating in the automotive industry. The President inspected a number of “Citroën C4X” models, which are locally manufactured with a 45% component ratio in the factories of the Arab Organization for Industrialization, in partnership with the Arab American Vehicles Company (AAV) and the French “Stellantis” Group.

AOI Chairman, Major General Abdel Latif,  said planning for the production of this model began in August 2023, adding that technical and logistical preparations were undertaken, leading to the production of initial prototypes in March 2025. He noted that approximately 7,000 cars are scheduled for annual production over four years, totaling 28,000 vehicles. Furthermore, preparations are underway for the production of a new car in cooperation with the “Stellantis” Group, with production set to begin in late 2026. This new model will see a total of 240,000 cars manufactured exclusively in AOI factories, and will not be manufactured in any of the Group’s other global facilities.

President El-Sisi gave directives to further strengthen cooperation with private sector companies, both locally and internationally. This is in alignment with the state’s strategy aimed at localizing the automotive industry, increasing the percentage of local components, and maximizing exports of products manufactured in Egypt.

– on behalf of Presidency of the Arab Republic of Egypt.

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Government continues to prioritise economic growth

Source: South Africa News Agency

Deputy President Paul Mashatile says government will continue leading from the front in creating a conducive environment for economic growth, education, safety and opportunity.

Addressing the Youth Day commemoration in the North West, Deputy President Mashatile urged the private sector to help create opportunities by investing, hiring, and supporting youth innovation.

“I want to emphasise that the youth deserve nothing less than a future where their skills, creativity, and determination can flourish in a changing world. To the youth, do not give up in pursuing a better future for yourselves and the country. Your voice, your ideas, and your energy are the fuel that can rebuild this country.

“We therefore invite you to be part of the upcoming National Dialogue to shape the future trajectory of our country. To parents, teachers, and communities, let us support and guide our children,” the Deputy President said on Monday.

READ I National Convention to set agenda for the National Dialogue

This year’s National Youth Day event took place under the theme: “Skills for the Changing World – Empowering Youth for Meaningful Economic Participation”.

This is a call to all government entities and its strategic partners to accelerate and enhance meaningful interventions in bridging the gap between skills development programmes and services available for access by youth to realise economic gain.

“As government, we offer various programmes to support young entrepreneurs, including financial assistance, business development services, and skills training.

“We need to encourage young people to look into starting their own businesses instead of waiting for employment. In this day and age, entrepreneurship is one of the keys to building a better future,” Deputy President Mashatile said.

He informed young people that the National Youth Development Agency’s Grant Programme and Youth Challenge Fund are key initiatives, along with the launch of a R20 billion annual Transformation Fund for the next five years, aimed at boosting Black-owned businesses and historically disadvantaged groups.

“These funds will act as a catalyst to attract other funds to enhance support of Micro, Small, and Medium Enterprises. Additionally, government is promoting youth participation in the digital economy through initiatives like the Digital Economy Masterplan and the National Digital and Future Skills Strategy.

“These initiatives inspire hope in our quest to create employment and entrepreneurship for young people,” he said.

The Deputy President acknowledged that government could do more to create an enabling environment for young people.

“We must speed up the execution of existing legislation and regulations to make a meaningful contribution to the lives of the youth.

“As part of assisting young entrepreneurs with quick turnaround on invoice payments, we have proposed a War Room on Clean Governance. Part of the main priorities of the Clean Governance War Room will be the prioritisation of the 10 – 15-day payment cycles and Transformative Procurement of small businesses,” Deputy President Mashatile said.

30 years of democracy

While challenges remain, the Deputy President reflected on some of the major victories that the democratic dispensation has registered in advancing youth empowerment since 1994.

“Firstly, at the basic education level, we have transformed the matric pass rate from 58% in 1994 to a historic 87.3% in 2024. This is the result of three decades of making education an apex priority of government.

“Our basic education system has gradually transformed whilst redressing the generational legacies of Verwoerd’s Bantu Education System. While we are not yet where we wish to be, we are also far from the inequality and disregard inherited in 1994,” he said.

In higher education, the National Student Financial Aid Scheme (NSFA) is a catalyst for widening access to higher education for the marginalised.

The scheme has grown from a modest budget of R33 million in 1991, serving only 7 240 students, to over R52 billion today, funding more than 1.1 million students at universities and TVET colleges.

“As a result of this sustained investment, the demographic composition of our higher education system has been fundamentally transformed. In 1994, there were 266 190 Black students, representing 50.4% of the total student population. By 2020, that number had grown to 862 313 Black students, constituting 80% of enrolments.

“In 2017, our government restructured NSFAS, converting it from a predominantly loan-based scheme into a grant system to ensure that higher education does not become a debt sentence for our young people,” Mashatile said.

This support includes the NYDA’s Solomon Mahlangu Scholarship, which continues to advance the educational aspirations of youth from rural and township communities.

Government has also met and surpassed gender parity in higher education participation rates, with over 60% of graduates from colleges and universities now being young women.

“As the demand for education continues to grow, it is only natural that challenges around accommodation and the administration of NSFAS have emerged.

“However, we are encouraged by the efforts of the Department of Higher Education and Training, which are currently underway to ensure that no deserving student is left behind,” the Deputy President said.

Over the past five years, several mass youth employment programmes have been implemented across the length and breadth of the country to respond to the challenge of youth unemployment.

The Presidential Youth Employment Intervention (PYEI) was launched in 2020 to cultivate sustainable earning opportunities for young people from all walks of life.

“The latest quarterly report confirms that over 4.7 million young people are now registered on the National Pathway Management Network, with more than 1.6 million earning opportunities secured through a variety of initiatives and partnerships.

“At the beginning of this month, 205 000 young people were placed in jobs through Phase 5 of the Basic Education Employment Initiative as part of the Presidential Employment Stimulus,” he said.

Government has also implemented the Social Employment Fund, managed by the Industrial Development Corporation, which has been designed to address unemployment and promote social value through “whole of society” approaches. –SAnews.gov.za
 

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SA concerned about the escalation of hostilities in Israel-Iran conflict

Source: South Africa News Agency

Monday, June 16, 2025

The South African government has expressed deep concern regarding the escalation of hostilities between the State of Israel and Islamic Republic of Iran.

In recent days the two countries have launched attacks against each other, which has led to the loss of lives, casualties and the destruction to property.

“We extend our deepest condolences to the peoples of both nations suffering from the tragic loss of life,” the Ministry of International Relations and Cooperation said on Sunday.

“South Africa emphasises that under international humanitarian law, civilians and civilian infrastructure must never be considered legitimate targets. We reiterate our urgent call for de-escalation, restraint, and full compliance with international law by all parties to prevent further human suffering,” it said. – SAnews.gov.za
 

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South Africans in Iran urged to register with the embassy

Source: South Africa News Agency

Monday, June 16, 2025

The South African government has encouraged all citizens currently in the Islamic Republic of Iran to contact the Embassy in Tehran to ensure that they are registered with, and that their whereabouts are known to, the Embassy.

Hostilities between the State of Israel and Islamic Republic of Iran have escalated in recent days as the two countries have launched attacks against each other, leading to the loss of lives, casualties and the destruction to property.

“It is important to note that South Africa’s support in the country is limited and that it could be assumed that no face-to-face consular assistance will be possible in an emergency and the South African Government may not be able to help you if you get into difficulty, depending on your location.

“Therefore, citizens are further encouraged to assess their own safety and security and act accordingly,” the Ministry of International Relations and Cooperation said in a statement on Sunday.

The following contacts may be used:
•    In Tehran, one can phone +98-912-230-8968 or +98-930-495-8965.
•    The department’s helpline in Pretoria, South Africa is +27 12 351 1000.
•    DIRCO may be consulted for further contact information at www.dirco.gov.za. – SAnews.gov.za

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Un nouveau chapitre s’ouvre en Sierra Leone pour les soins chirurgicaux : Mercy Ships et le ministère de la santé préparent le retour du Global Mercy™ à Freetown en août

En partenariat avec le ministère de la santé de la Sierra Leone, l’organisation humanitaire internationale Mercy Ships (www.MercyShips.org) se prépare pour la prochaine phase de sa mission : fournir gratuitement des interventions chirurgicales qui transforment la vie et former des professionnels de santé locaux. Cette nouvelle phase devrait débuter en août jusqu’en juin 2026.

Après le départ du navire, une équipe continuera à travailler sur place aux côtés de nos partenaires pour renforcer les compétences des professionnels de santé et le système de soins chirurgicaux du pays jusqu’en 2030. Cette initiative s’inscrit dans le cadre des priorités nationales du gouvernement visant à améliorer l’accès aux soins chirurgicaux essentiels et à renforcer les capacités médicales.

Depuis son arrivée à Freetown en août 2023, le plus grand navire-hôpital civil au monde a effectué plus de 3 630 opérations chirurgicales gratuites et formé plus de 290 professionnels de santé à bord du navire et sur site. Chaque semaine, entre 4 et 8 participants sierra-léonais ont suivi une formation à bord.

Le Dr Sandra Lako, directrice de Mercy Ships pour la Sierra Leone, déclare : « Nous attendons avec impatience le retour du navire en août, afin de poursuivre notre partenariat avec le ministère de la santé et l’université de Sierra Leone pour renforcer les soins chirurgicaux. Même après le départ du navire en 2026, notre accord avec le gouvernement souligne notre engagement commun en faveur d’un impact durable jusqu’en 2030.  Nous constatons déjà les retombées de ce partenariat durable. »

Le retour du Global Mercy en août 2025 marquera la troisième mission consécutive de l’organisation humanitaire en Sierra Leone et sa huitième visite dans le pays depuis 1992, renforçant ainsi un partenariat de longue date.

Le ministre de la santé, le Dr Austin Demby, souligne : « Notre partenariat avec Mercy Ships a véritablement transformé la vie des habitants de ce pays. En tant que gouvernement, nous sommes très fiers de la contribution significative que l’ONG apporte à l’amélioration de l’accès à des services chirurgicaux gratuits ainsi qu’à l’amélioration des compétences du personnel de grâce à la formation. Nous attendons avec impatience la prochaine mission et nous apporterons tout le soutien nécessaire pour que davantage de Sierra-Léonais puissent bénéficier de leur aide. »

Mercy Ships continuera à travailler aux côtés de l’université de Sierra Leone pour soutenir la mise en place du diplôme d’infirmier anesthésiste, afin de pallier la pénurie actuelle de ce type de professionnels dans le pays. Pour garantir une augmentation durable du nombre d’infirmiers qualifiés, l’objectif à long terme est que ce programme soit entièrement dirigé par des enseignants sierra-léonais.

En outre, Mercy Ships poursuit son partenariat avec l’hôpital Connaught dans le cadre du programme « Safer Surgery », qui met l’accent sur le renforcement des équipes chirurgicales et l’amélioration mesurable des soins aux patients.

Le soutien à l’enseignement dentaire se poursuivra grâce au parrainage d’étudiants en médecine dentaire sierra-léonais qui étudient à l’université Gamal Abdel Nasser en Guinée, en partenariat avec l’université de Sierra Leone. 

Distribué par APO Group pour Mercy Ships.

Contact média :
Ministère de la santé de Sierra Leone :
Abdul S. Brima/James T. Kallay
E-mail : communications@mohs.gov.sl   
Site web : https://MOHS.gov.sl

Mercy Ships :
Sophie Barnett
responsable internationale de Mercy
Ships E-mail : International.media@mercyships.org                
Site web : https://apo-opa.co/4l6Y59I
Pour plus d’informations, visitez www.MercyShips.org.

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Remise et reprise entre les Présidents Ndayishimiye et Museveni à la tête de l’Accord Cadre pour la République démocratique du Congo (RDC)


Le Président de la République du Burundi Son Excellence Evariste Ndayishimiye a regagné son pays ce jeudi, au terme de sa participation à la 12ᵉ Réunion de haut niveau du Mécanisme régional de suivi de l’Accord-cadre pour la paix, la sécurité et la coopération pour la RDC. 

Ce sommet a constitué une importante plateforme d’échanges entre les Chefs d’État et de gouvernement engagés en faveur de la stabilité et du développement durable de la région, et surtout de la paix et la sécurité en RDC.

Il était également prévu la passation de témoin entre leurs Excellences Evariste Ndayishimiye et Yoweli Kaguta Museveni, respectivement Président sortant et Président entrant du Mécanisme Régional de Suivi de l’Accord-Cadre pour la Paix en RDC.

A son arrivée à l’aéroport international Melchior Ndadaye de Bujumbura, le Porte-Parole du Président de la République Rosine Guilène GATONI s’est adressée à la presse relatant principalement comment le Numéro Un Burundais a  dressé un bilan très positif après deux ans à la tête de ce Mécanisme malgré le contexte difficile causé par la résurgence du M23 soutenu par le Rwanda.

Le Président Ndayishimiye a présenté ses réalisations notamment celles liées aux recommandations lui assignées lors de la prise des rênes du Mécanisme.  Il s’agit principalement des consultations politiques, des rapprochements diplomatiques, l’implication des femmes et des jeunes dans le processus de consolidation de la paix.  Sur ce, il a mentionné la rencontre des jeunes au niveau régional particulièrement le dialogue international des jeunes couplé au forum des jeunes de la CIRGL, le forum des femmes au niveau de la CIRGL, lesquels ont été rehaussé par la présence du Chef de l’Etat Ndayishimiye.

Le Sommet a également été l’occasion d’adopter à l’unanimité un document de revitalisation de l’Accord-Cadre. 

Le Président Ndayishimiye a réitéré la position de son pays rappelant que le Burundi constitue une solution aux conflits, avant d’inviter son audience à creuser et détecter les causes profondes à l’origine de l’insécurité à l’Est de la RDC, et par conséquent sa pauvreté. Il a néanmoins fait remarquer qu’il y a de l’espoir au cas où tous leurs efforts sont consentis sur le problème, dans une solidarité régionale et internationale.

Il a saisi cette occasion pour saluer les efforts observables de l’EAC, de la CEEAC,  de l’Union Africaine,  du Qatar, des USA convergeant vers un seul objectif de recouvrer la paix et la sécurité en RDC.

Le Chef d’Etat burundais a en outre, souligné l’engagement de son pays dans cette requête, avant de mentionner l’appui apporté à plus de 120.000 réfugiés congolais qui ont fui la guerre et trouvé refuge au Burundi. Il a lancé un appel à soutenir ses efforts, et surtout à œuvrer dans le sens de faire respecter le plan de paix proposé, et immédiatement adopter un cessez-le-feu.

En marge du Sommet, le Président Ndayishimiye a rencontré le Vice-Président du Conseil de Souveraineté Transitoire du Soudan Malik Agar Eyre. Ils se sont entretenus sur la situation socio-sécuritaire qui prévaut dans la région en général et dans son pays en particulier.  Se référant sur sa position au niveau de l’Union Africaine, et son expérience dans la restauration de la paix et la sécurité dans certains pays, Malik a sollicité l’appui du Président du Burundi au Soudan où un groupe rebelle perturbe la quiétude de la population. Et ce dernier l’a encouragé à prioriser la voie du dialogue pour trouver une solution durable.

Distribué par APO Group pour Présidence de la République du Burundi.

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Minister of State for Foreign Affairs Bids Farewell to Finland Ambassador

Source: Government of Qatar

Doha, June 16, 2025

HE Minister of State for Foreign Affairs Sultan bin Saad Al Muraikhi met with HE Ambassador of the Republic of Finland to the State of Qatar Pekka Voutilainen, on the occasion of the end of his tenures in the country.

HE the Minister of State for Foreign Affairs thanked HE the Ambassador for his efforts in supporting and strengthening bilateral relations, wishing him success in his new duties.

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Next Chapter in Transformative Surgical Care as Mercy Ships and Ministry of Health Prepare for August Return

Source: Africa Press Organisation – English (2) – Report:

In partnership with the Sierra Leonean Ministry of Health, international charity Mercy Ships (www.MercyShips.org) is preparing for the next phase of its ongoing mission to deliver free, life-changing surgeries and training for healthcare professionals. This new phase is scheduled to begin in August.

As part of the preparations, the Global Mercy™ is temporarily leaving Sierra Leone for a planned maintenance period in Cadiz, Spain. The ship will return in August to continue delivering specialised surgical care until the ship departs in June 2026.

Even after the ship departs, a team on the ground will continue working alongside our partners to strengthen the country’s healthcare workforce and surgical care system through 2030. This aligns with the government’s national priorities to improve access to essential surgical care and strengthen medical capacity.

Since its initial arrival in Freetown in August 2023, the world’s largest purpose-built civilian hospital ship has provided over 3,630 free surgeries and training for more than 290 healthcare professionals, on board the ship as well as on the ground. Each week, the ship has had between 4 and 8 Sierra Leonean participants receiving on-ship training.   

Dr. Sandra Lako, Mercy Ships Country Director for Sierra Leone, said: “We look forward to the ship’s return in August as we continue to partner with the Ministry of Health and the University of Sierra Leone to strengthen surgical care. Even after the ship departs in 2026, our agreement with the government underscores a shared commitment to lasting impact through 2030. We’re already witnessing the ripple effect of this sustained partnership in action.”

When the Global Mercy returns in August 2025, this will mark the charity’s third consecutive field service in Sierra Leone and its eighth visit to the country since 1992, reinforcing a long-standing partnership aimed at improving access to safe surgical care for those who need it most.

The Minister of Health, Dr. Austin Demby, said: “Our partnership with Mercy Ship has been truly life-transforming for the people of this country. As a government, we are very proud of the significant contributions they are making in improving access to free surgical services as well as improving capacity of the health workforce through training. We look forward to the next field service and we will provide all the support necessary to make more Sierra Leoneans benefit from their assistance.”

Mercy Ships will continue working alongside the University of Sierra Leone to support the delivery of the nurse anaesthesia diploma course, helping to address the country’s current shortage of anaesthesia providers. The long-term aim is for this program to be fully led by Sierra Leonean faculty to ensure a sustainable increase in qualified professionals.

In addition, Mercy Ships is continuing to partner with the Connaught Hospital in the Safer Surgery programme, which has an emphasis on strengthening surgical teams and working towards measurable improvements in patient care.

Support for dental education will continue through the sponsorship of Sierra Leonean dental students studying at Gamal Abdel Nasser University in Guinea, in partnership with the University of Sierra Leone.

– on behalf of Mercy Ships.

For more information about Mercy Ships, contact:
Sophie Barnett
Mercy Ships Senior Manager of International PR
international.media@mercyships.org

About Mercy Ships:  
Mercy Ships operates hospital ships that deliver free surgeries and other healthcare services to those with little access to safe medical care. An international faith-based organization, Mercy Ships has focused entirely on partnering with African nations for the past three decades. Working with in-country partners, Mercy Ships also provides training to local healthcare professionals and supports the construction of in-country medical infrastructure to leave a lasting impact. Each year, more than 2,500 volunteer professionals from over 60 countries serve on board the world’s two largest non-governmental hospital ships, the Africa Mercy and the Global Mercy. Professionals such as surgeons, dentists, nurses, health trainers, cooks, and engineers dedicate their time and skills to accelerate access to safe surgical and anesthetic care. Mercy Ships was founded in 1978 and has offices in 16 countries as well as an Africa Service Center in Dakar, Senegal. For more information, visit www.MercyShips.org and follow @ MercyShips on social media.  

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African Development Bank, British International Investment and European Bank of Reconstruction and Development support pioneering solar and battery storage project in Egypt with $476 million loan

Source: Africa Press Organisation – English (2) – Report:

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  • Egypt’s first integrated solar and battery storage plant will deliver dispatchable clean energy, enhance grid stability, and manage peak demand. 
  • It is expected to generate approximately 3,000 GWh of clean energy and avoid up to 1.4 million tons of emissions annually, supporting Egypt’s decarbonisation goals.

The African Development Bank (www.AfDB.org), European Bank for Development and Reconstruction (EBRD), and the British International Investment (BII), the UK’s development finance institution and impact investor, are providing $479.1 million to Obelisk Solar Power SAE, a special purpose vehicle incorporated in Egypt, and owned by Scatec ASA (http://apo-opa.co/3SSYfFL). This financing will support  the development of a 1 GW solar photovoltaic (PV) power plant integrated with a 200 MWh Battery Energy Storage System (BESS) in the country’s Nagaa Hammadi region.

The African Development Bank Group’s financing package of $184.1 million includes $125.5 million in commercial loans, as well as concessional funding from Bank Group-managed Special Funds the Sustainable Energy Fund for Africa (SEFA) worth $20 million, and $18.6 million from the Canada-African Development Bank Climate Fund, a partnership of the African Development Bank and the Government of Canada. A further $20 million will be channelled from the Climate Investment Funds’ Clean Technology Fund through the African Development Bank. The Bank’s Board of Directors approved the funding package on 11 June 2025 (https://apo-opa.co/4le4gsV).

EBRD will be providing a financing package of up to $173.5 million, of which US$101.9 million will benefit from a European Fund for Sustainable Development (EFSD+) first loss cover guarantee for the first 18 years, in addition to a $6.5 million grant to be provided by the EBRD Shareholder Special Fund.

BII financing includes a US$100 million concessional loan and a US$15 million returnable grant that helps lower the overall cost of the BESS part of the project, making it more financially viable and affordable, while attracting private sector participation and creating models for future investments. BII’s financing is subject to drawn down conditions.

The project’s blended financing of $475.6 million corresponds to approximately 80 per cent of the total estimated capital expenditure of $590 million.

The integrated power plant will be developed by Scatec, a leading renewable energy solutions provider, and built in two phases. The first phase, with 561 MW of solar and 100 MW/200 MWh of battery storage, aims to begin operations in the first half of 2026. The second phase of 564 MW solar aims to start operations in the second half of 2026. The energy will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company, backed by a sovereign guarantee.

Upon completion, it will be the first integrated solar photovoltaic and battery storage project of this scale in Egypt, representing a significant milestone in the country’s energy transition. Egypt aims to reach 42 per cent of renewables in its power mix by 2030. The solar power plant is estimated to generate approximately 3,000GWh per year of additional renewable power, which will enhance grid stability and manage peak demand. It will also reduce carbon dioxide emissions by up to 1.4 million metric tons annually.

The facility will support the diversification of Egypt’s energy mix and will increase the share of renewable energy contributing to the reduction of greenhouse gas emissions and supporting the country’s decarbonisation goals.

Egypt’s Minister of Planning, Economic Development and International Cooperation, Dr. Rania A. Al-Mashat: “The Obelisk Solar Power project represents a landmark in Egypt’s clean energy transition, not only as the first integrated solar and battery storage facility, but also as a model for innovative financing through effective multilateral partnerships. It reflects our continued efforts to scale renewable energy, enhance grid resilience, and drive forward the implementation of Egypt’s Nexus of Water, Food and Energy (NWFE) Country Platform, thus  advancing our climate ambitions and creating new opportunities for private sector engagement and sustainable development.”

Wale Shonibare, The African Development Bank’s Director of Energy Financial Solutions, Policy, and Regulations noted: “This project exemplifies the scale of renewable energy potential across Africa and demonstrates how strong partnerships and innovative solutions can advance the energy transition and foster sustainable economic development. It has a high demonstration and replication potential for similar initiatives across the continent.”

Iain Macaulay, Director and Head of Project Finance (Africa & Pakistan), BII said: “This agreement underscores BII’s commitment to innovative and sustainable energy solutions. The integration of battery storage with solar PV is a game-changer for Egypt’s energy sector, providing reliable and dispatchable renewable energy and reducing reliance on fossil fuels. This project not only meets Egypt’s current energy needs but also sets a precedent for future dispatchable hybrid renewable energy projects in the region.”

Boyd Carpenter, EBRD Managing Director for sustainable Infrastructure, said: “We’re delighted to work with our longstanding partners SCATEC, African Development Bank and BII to support this transformative project, which takes Egypt’s green energy transition to another level by harnessing the power of the sun not just during the day but also at night, thanks to the combination of solar and battery storage. It addresses the growing demand for electricity and reduces the need to import expensive fossil fuels. The project contributes towards the goals of the Egypt’s flagship Nexus on Water, Food, and Energy which was launched at COP27 in Sharm El Sheikh, and for which EBRD is Egypt’s lead partner on the energy pillar.”

Stefano Sannino, Director-General of the Directorate-General for the Middle East, North Africa and Gulf of the European Commission said: “Today, the European Union (EU) launches the EU-Egypt Investment Guarantee for Development Mechanism, a strategic platform designed to fast-track a significant pipeline of investment projects to deliver large-scale financing solutions in Egypt. This is a major milestone in the implementation of the EU-Egypt Strategic Partnership. This particular project is a concrete example of a fruitful collaboration between the EU and the EBRD for supporting green transition in the country, through a large-scale investment. The EU guarantee allows the EBRD to provide a loan alongside other financiers to finance an innovative integrated solution which can attract private investors.”

Terje Pilskog, CEO of Scatec, the project’s operation and maintenance contractor, said: “This project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. We are proud to partner with leading development finance institutions to support Egypt’s clean energy ambitions, and we look forward to delivering this important project together with our partners.”

– on behalf of African Development Bank Group (AfDB).

For media inquiries please contact:
The African Development Bank
Olufemi Terry
media@afdb.org

British International Investment
Paschorina Mortty
press@bii.co.uk

The European Bank for Development and Reconstruction
Nibal Zgheib
zgheibn@ebrd.com

Scatec
Meera Bhatia
meera.bhatia@scatec.com

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About British International Investment:
British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion. For more information, visit: www.BII.co.uk | watch here (http://apo-opa.co/4jOKyTr). 

About The European Bank for Development and Reconstruction:
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 75 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive (http://apo-opa.co/4jWC9xg), inclusive (http://apo-opa.co/3FWLuqT), well-governed (http://apo-opa.co/4kNijpm), green (http://apo-opa.co/43Yjvin), resilient and integrated (http://apo-opa.co/3TrRBq8).