A development bank buys in: €191 million (about $221 million) to grow Egypt's sun and wind

For years the European Bank for Reconstruction and Development lent money to solar projects in Egypt. Now it is becoming an owner. The bank is putting up to €191 million (about $221 million) into the platform behind Scatec's Egyptian projects — a pipeline of 2.7 gigawatts of solar and 900 megawatts of wind, with 4.2 gigawatt-hours of batteries planned to store sunshine for the evening. The platform builds on solid ground: Scatec's Obelisk plant, Africa's largest combined solar-and-battery site at 1.1 gigawatts, reached full operation in August, and with the older Benban solar park the company already runs about 1.5 gigawatts in the country. The new projects sit inside Egypt's national water, food and energy programme, and the aim is simple — more home-grown power, less imported fuel.

SDG 7 · Affordable and clean energy — Mechanism: funding & finance