Egypt secures $300m UK clean energy boost

British International Investment has pledged over $300 million to back Egypt’s renewable energy plans, Egypt Today reports. Partnering with Norway’s Scatec, BII will help finance a $1.2 billion, 1.1 GW wind farm in the Gulf of Suez — set to be Africa’s largest — expected to cut carbon emissions by 2.5 million tonnes annually and create 10,000 jobs.

BII will also support Egypt’s first utility-scale solar-plus-storage project, offering a $100 million concessional loan and $15 million grant toward its $479 million budget. The deal aligns with Egypt’s Nexus of Water, Food, and Energy (NWFE) program, which targets 10 GW of renewable capacity by 2028.

BII joins a coalition including the EBRD, African Development Bank, DEG, and the OPEC Fund to mobilize climate-focused investment. Egypt has already secured $4 billion for 4.2 GW of new renewables in the past two years, strengthening its bid to become a regional clean energy hub.