BII signs over $300 million in agreements to accelerate green growth and Egypt’s energy transition

Pioneering solar, wind, and battery storage projects position Egypt as North Africa’s renewable energy hub
● The projects will advance Egypt’s ambition to generate 42% of its electricity from renewables by 2030.
● The Gulf of Suez Wind Farm and the solar and battery storage project developed by Scatec will add over 2 GW of clean energy capacity to the national grid and avoid 3.6 million tonnes of CO₂ emissions.
● New commitments demonstrate BII’s leading role in Egypt’s energy transition through patient capital, which supports grid resilience, green jobs and unlocks replicable climate innovation.
British International Investment (BII), the UK’s development finance institution and impact investor, has signed over $300 million in agreements to support two pioneering renewable energy projects in Egypt – a new 1.1GW Gulf of Suez Wind Farm and a 1GW integrated solar and battery storage project with Scatec. The agreements reflect BII’s investment plan to accelerate Egypt’s energy transition and build climate-resilient infrastructure that stimulates growth in North African countries.
The Gulf of Suez Wind Farm, a $1.05 billion project and Africa’s largest onshore wind development, is expected to generate over 4,300 GWh annually, helping to avoid 2.2 million tonnes of CO₂ emissions per year. BII’s $190 million investment forms part of a broader $707 million in long-term debt financing with a consortium of development finance institutions (DFIs) including the European Bank for Reconstruction and Development (EBRD), the African
Development Bank (AfDB), DEG – the German development dinance institution (DFI), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation
(APICORP). The project builds on Egypt’s Nexus of Water, Food & Energy (NWFE) programme and will create over 10,000 jobs, placing it in the top 30% of BII’s power portfolio in terms of employment-to-cost ratio.
BII has also signed an agreement to co-finance Egypt’s first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The
$475.6 million project – representing 80% of the total capital cost – will deliver 1 GW of solar PV capacity and 200 MWh of battery storage. BII is providing a $100 million concessional loan and a $15 million grant to reduce the cost of the BESS component, making the project more viable, attracting private investment, and setting a model for future deals.
With an updated portfolio size of over $708 million, Egypt is a critical partner for BII with the latest agreements reflecting an ongoing commitment to the region’s climate agenda. The projects align with BII’s North Africa climate strategy, which underscores the role of innovative and scalable renewable energy technologies that enhance climate resilience for future generations. In Morocco, BII backs green hydrogen projects, while in Tunisia, the DFI is identifying opportunities to scale climate-smart agriculture. These efforts collectively promote climate innovation, enabling the private sector’s ability to produce, export and share clean energy.

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Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, added: “Our latest agreements reflect BII’s long-term commitment to Egypt’s clean energy transition and our confidence in the country’s ability to lead on climate innovation in the region. Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs. Our goal is to deliver impact at scale, supporting Egypt’s renewable energy ambitions and the resilience of its wider economy.”