The European Bank for Reconstruction and Development (EBRD) provided a $30 million equity bridge loan to Obelisk Solar Power, a special purpose vehicle owned by Scatec. The funds will be utilized to construct a 1 GW solar power project with a 200 MWh battery energy storage system in Nagaa Hammadi, Egypt. The facility is expected to be Egypt’s first hybrid renewable energy project. The project aims to assist Egypt’s transition to green energy and ensure grid stability. ERBD has invested more than €13.8 billion (~$15.4 billion) in 201 projects across Egypt since its operations began in the country in 2012.

Oman’s state energy company, OQ, issued a green signal for the engineering, procurement, and construction (EPC) of three renewable energy projects with a cumulative capacity of 300 MW. It issued notices to France’s TotalEnergies and OQ Alternative Energy (OQAE), with Power China as the EPC contractor. This agreement includes a 100 MW solar power project in Saih Nihaydah in northern Oman. It also includes two 100 MW wind farms (Riyah-1 and Riyah-2) in the Amin and West Nimr fields in the country’s south. These projects were part of the 13 agreements valued at over $2 billion announced earlier. Additionally, OQAE signed an initial agreement for four new renewable energy power projects of a cumulative 1,445 MW.

Green hydrogen manufacturing company Metacon won a contract to supply a 1 MW pressurized alkaline electrolysis project to a big renewable energy company in Morocco. The Moroccan company has a portfolio of 2,000 MW of renewable energy power projects in Africa. The electrolysis project will be built as a containerized system on a turnkey basis. It will combine pressurized alkaline electrolyzers with wind turbines to generate wind power. The project’s total contract value is €1.8 million (~$2.01 million). It aims to support future green hydrogen, e-fuels, and green ammonia projects.