EBRD mulling support for 750MW of Egyptian solar

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Egypt has overcome some contractual hurdles as it looks to deliver on a 1.5GW tendering round. Source: juwi.

Utility-scale solar projects totalling 750MW could receive support from the European Bank for Reconstruction and Development.

Documents published this week list 16 projects up for consideration with developers including EDF, ACWA and Scatec Solar in the fray. The total value of the EBRD’s potential debt contribution is US$458.1 million. Scatec would be the largest individual recipient with six 50MW projects in line for US$243 million of support. The company recently signed PPAs for 400MW of projects approved for the country’s feed-in tariff (FiT).

Following a successful tendering round that saw projects awarded totalling 1.5GW of new capacity, a disagreement regarding where arbitration of these contracts should take place stalled progress.

Scatec and a number of other investors began work on a compromise deal that was eventually secured in September. An offshore seat of arbitration was exchanged for a reduction in the agreed FiT. Projects between 500kW and 20MW were reduced from US$0.136/kWh to US$0.0788/kWh and those from 20MW-50MW from US$0.1434/kWh to US$0.084/kWh.

Involvement from a multinational development bank would be a further indicator that the market is making good progress.

Capacity in MW EBRD proposed debt offer, US$ millions
ACWA 1 50 8.6
ACWA 2 20 11
ACWA 3 50 9.1
Infinity/ib vogt 1 30 16.2
Infinity/ib vogt 2 50 27.1
Scatec 1 50 40.5
Scatec 2 50 40.5
Scatec 3 50 40.5
Scatec 4 50 40.5
Scatec 5 50 40.5
Scatec 6 50 40.5
Access 1 50 29
Access 2 50 29
EDF 50 29
Elsewedy 50 27
Alfa Solar 50 29
TOTAL 750 458.1

Read Next

April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 15, 2021
Maxeon Solar Technologies intends to raise up to US$143.75 million through a share issue to help finance planned capacity expansions and R&D, with long-time partner TZS committing to an investment.
April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 13, 2021
European solar investors are coming to terms with smaller returns, however banks, governments and grid operators could do more to help alleviate risk and ease investor concerns.
April 12, 2021
A consortium between Abu Dhabi-based Masdar, EDF Renewables and Nesma Holding Company has broken ground on a 300MW PV project in Saudi Arabia.
April 7, 2021
Saudi Arabian developer ACWA Power has finalised agreements for the 200MW Kom Ombo solar plant in Egypt, with construction work set to begin later this year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021