Azelio, Engazaat advance on renewable energy storage project in Egypt
TES.POD energy storage unit.
Image by Azelio.
Swedish energy storage company Azelio AB (FRA:4AZ) and Egypt-based project developer Engazaat Development SAE are pressing ahead with the implementation of a joint project for renewable energy storage after completing a feasibility study.
Azelio agreed in August 2021 to deliver 20 of its TES.POD renewable energy storage units with a combined capacity of 3.3 MWh to Engazaat in Egypt.
The Swedish manufacturer said in an update on Monday that the results from the techno-economic feasibility study are satisfactory.
Additionally, Engazaat has already secured the financing for its part of the project while Azelio is close to agreeing the necessary finances for the project.
After that, the partners will set up a joint project company to finance and carry out the installation and operation of the project.
The energy storage units will be used for a mini-grid system in the Moghra Oasis in Egypt where they are expected to reduce diesel consumption by 232 cubic metres (61,288 gal) annually and offset 603 tonnes of carbon dioxide emissions per year. The project supports the SAVE sustainable agriculture initiative which aims to cover 85% of the needs of farmers in the Moghra Oasis with renewable power.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.