Azelio set for financing of energy storage project in Egypt
, October 11, 2022
Azelio, an energy storage specialist, is the final stages of securing finance for its part of an energy storage project in Egypt.
On August 19, 2021, the company announced that it has received a conditional order from Engazaat Development for 20 of Azelio’s TES.POD renewable energy storage units. The order is valued at approximately $1.5 million.
The TES.POD units are to be used in the SAVE sustainable agriculture project in Egypt.
The 20 units have a combined storage capacity of 3.3 MWh of electricity production and will be part of a mini-grid system to supply farmers with renewable energy, to lower CO2 emissions, energy related costs, and dependency on diesel.
The intention is to establish a joint project company to finance and carry out the installation and operation of the project. A techno-economic feasibility study for the specific project has been performed with satisfactory results.
Engazaat signed a financing agreement securing the financing for their part of the project, while Azelio is currently in the final stages of the process of securing project financing. When Engazaat and Azelio project financing are in place, approximately 80 per cent of the total project financing need has been secured, said a statement. –TradeArabia News Service
