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The European Investment Bank (EIB) will provide a loan of up to $90 million, guaranteed by the EU through the European Fund for Sustainable Development Plus (EFSD+), to finance the first phase of the Dandara solar photovoltaic (PV) and battery energy storage system (BESS) project in Egypt. Located in Qena Governorate, Phase 1 comprises a 569 MWp solar PV plant and an associated 100 MWh BESS.
Dandara Solar Power S.A.E., a project company owned by Norwegian renewable energy developer Scatec ASA and acting as the lead developer, will develop, construct, operate, and maintain the project. The facility will supply renewable electricity to Misr Aluminium Company (EgyptAlum), under a long-term power purchase agreement (PPA). EgyptAlum’s payment obligations are supported by a guarantee from Egypt’s Ministry of Finance.
The project is expected to generate around 1,500 GWh of electricity during its first year of operation. The EIB financing, provided through its development arm EIB Global, is backed by the EU, and will be arranged alongside the European Bank for Reconstruction and Development (EBRD) and African Development Bank (AfDB) funds. Construction is expected to begin soon, with commercial operations scheduled to commence in April 2028.
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