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EIB will provide a loan of up to USD90 million, guaranteed by the EU through the European Fund for Sustainable Development Plus, to finance the first phase of the Dandara solar photovoltaic (PV) and 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), Egypt’s largest aluminium producer, under a long-term power purchase agreement. EgyptAlum’s payment obligations are supported by a guarantee from Egypt’s Ministry of Finance.
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