Renewable energy company Scatec announced on Sunday that it signed an early-stage cooperation agreement with the Egyptian Electricity Holding Company (EEHC) at COP28 in Dubai for a future 1 gigawatt (GW) solar and 200 MWh battery storage project.
The Norwegian company said in a press statement that African Development Bank Group (AfDB) signed a letter of intent for the financing package of the project at competitive terms.
Next steps in the initial development phase include securing land lease agreements and grid connection for the project, the statement said.
Dispatchable power production and the ability to release stored energy during peak demand make such hybrid plants ideal for meeting region-wide energy needs during periods of high consumption, the statement noted, adding that the project will address intermittency challenges, enhance grid stability, and provide reliable, green power.
“We are very pleased with the agreements we were able to sign during COP28 and thank all stakeholders and parties involved,” said Scatec CEO Terje Pilskog. “A project like the one initiated today reinforces our commitment together with Egypt and Norway to further accelerating the renewable energy transition.”
(Writing by Anoop Menon; Editing by Dennis Daniel)
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