CAIRO – 2 July 2025: 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.
These include the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the German Development Finance Institution (DEG), the OPEC Fund for International Development, and the Arab Fund for Economic and Social Development.
In a separate agreement, BII also committed funding for Egypt’s first utility-scale solar PV and battery storage project, again in collaboration with Scatec, EBRD, and AfDB.
The project will require a total of $479.1 million—covering around 80% of its capital costs—and will deliver 1.1 GW of solar energy coupled with 200 MWh of battery storage capacity.
To support the financial viability of this pioneering BESS project, BII is providing a $100 million concessional loan and a $15 million grant.
These incentives are designed to drive down upfront costs, attract private investment, and lay the foundation for future clean energy innovation in the region.
With its current portfolio in Egypt surpassing $708 million, BII is deepening its partnership with the country to support scalable and sustainable climate solutions.
These newly signed agreements highlight BII’s commitment to North Africa’s energy transition, in alignment with its broader climate strategy.
The announcement coincides with Egypt’s Ministry of Planning, Economic Development, and International Cooperation releasing its second follow-up report on the NWFE program.
Under the energy pillar, the initiative aims to install 10 GW of renewable energy capacity and phase out 5 GW of fossil-fuel-based power by 2028—mobilizing $10 billion in investment.
In the last two and a half years alone, Egypt has already attracted $4 billion in concessional financing for 4.2 GW of new renewable energy capacity.
This momentum is being driven by a diverse mix of global and regional partners, including ACWA Power, Masdar, Infinity, Scatec, AMEA Power, Orascom Construction, and Hassan Allam Utilities.
Together, these initiatives signal Egypt’s rising role as a clean energy hub in the region—and BII’s determination to power that transformation.
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