Egypt signs $650 million financing deals for 1 GW Dandara solar project

Egyptian Prime Minister Mostafa Madbouly witnessed the signing on Monday of three agreements financing the 1,000 MW Dandara solar plant with battery storage in Qena.

• Norway's Scatec signed a term-sheet with the European Investment Bank, the European Bank for Reconstruction and Development, and the African Development Bank.
• Egypt's Electricity Transmission Company and the Metals Industries Holding Company signed the agreement connecting the project to the national grid.
• The National Bank of Egypt signed a separate agreement for its equity stake in the Dandara project company.
• The project will be built in two 500 MW phases and supply about a third of Egypt Aluminum's electricity needs.