Funding for Egypt's solar project

The European Investment Bank (BEI), through its development branch BEI Global, will mobilize up to 90 million dollars to finance the first phase of the Dandara project in Egypt.

Details of the Dandara project

The project involves a solar power plant coupled with a battery storage system in the Qena governorate. According to the institution's statement published on Thursday, October 29, the project will help increase the production of renewable electricity and promote cleaner industrial production in the country.

Electricity for an aluminum company

The plant will provide renewable electricity to Misr Aluminium Company (EgyptAlum), the largest aluminum producer in Egypt, under a long-term electricity purchase contract. The project should produce about 1500 GWh of electricity during its first year of operation.

Environmental and economic benefits

It will also allow EgyptAlum to reduce the carbon footprint of its production and strengthen the competitiveness of its aluminum exports. This first phase includes a 569 MWp photovoltaic power plant and a battery storage system with a capacity of 100 MWh.

Long-term vision for the project

The Dandara project represents a total investment of 650 million dollars and is expected to eventually reach a solar capacity of 1000 MW and a storage capacity of 200 MWh. A few days ago, Scatec, a company specializing in renewable energies, and its financial partners signed, in the presence of Egyptian Prime Minister Mostafa Madbouly, the necessary agreements for the development of the project.

Part of Egypt's energy strategy

The Dandara solar project is part of a broader energy strategy for Egypt. The country aims to produce 42 percent of its electricity from renewable sources by 2030. It also falls under the EU-Egypt Strategic and Global Partnership and the Trans-Mediterranean Renewable Energy and Clean Technology Cooperation Initiative (T-MED).