EBRD, Proparco commit US$116 million for 100MW PV portfolio in Egypt

Facebook
Twitter
LinkedIn
Reddit
Email
The new facilities will be constructed, operated and owned by two Egyptian subsidiaries of the French company EREN Renewable Energy and Access Power. Image: EBRD

The European Bank for Reconstruction and Development (EBRD) and French financial company Proparco are set to help Egypt make major strides in the development of its renewable-energy sector.

Both companies announced Monday that they have provided US$116 million in financing for the construction and operation of two 50MW PV projects in Egypt.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

These are the first two projects to be financed under the second round of Egypt’s feed-in tariff scheme for renewable energy and will be part of the planned 1.8GW Benban solar complex in Aswan province, located in the southern area of Upper Egypt.

These are also the first projects under the EBRD’s new US$500 million framework for renewable energy in Egypt, which is expected to help finance 16 projects and provide 750MW of capacity upon completion.

The new facilities will be constructed, operated and owned by two Egyptian subsidiaries of the French company EREN Renewable Energy and Access Power.

Harry-Boyd Carpenter, EBRD director of power and energy utilities, said: “Projects such as these depend on partnership and this financing demonstrates this very clearly. We are privileged to be working with EREN and Access Power, who bring deep expertise and sustained commitment to renewable energy and Proparco, with whom we have a very strong partnership supporting renewable energy in Jordan, which we are proud to extend to Egypt.

“More broadly the success of this programme is due to the support of Dr Sahar Nasr, Minister of Investment and International Cooperation, Dr Mohamed Shaker, Minister of Electricity and Renewable Energy, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority and Egypt ERA, who have all worked so hard over the past three years to launch private renewable energy in Egypt.”

Gregory Clemente, director general of Proparco, added: “These investments mark a new milestone for Proparco, already involved in the financing of the largest solar photovoltaic power plants in Central America and West Africa. They confirm the potential and strength of development finance institutions working together to overcome the challenges stemming from cutting-edge projects of this kind, which will bring long-lasting benefits to the people and economy of Egypt.”

Read Next

November 25, 2024
The European Bank for Reconstruction and Development (EBRD) has lent up to €50 million to a 237.6MW solar PV plant in Bulgaria.
November 21, 2024
Masdar plans to develop including over 6GW of new solar capacity and 4GW of new solar manufacturing capacity in Egypt.
November 18, 2024
An ageing 545MW wind farm in Egypt is to be reborn as a 3GW PV and wind hybrid facility under a provisional repowering plan agreed last week.
November 18, 2024
The financing covers two solar PV plants, which include the 445MW Bilasuvar PV plant and the 315MW Neftchala solar project.
November 6, 2024
R.Power has issued green bonds worth (€122 million (US$130.6 million) to support the development of new solar and storage projects in Poland.
November 1, 2024
Scatec has published its latest financial results, which include revenues of NOK2.97 billion (US$270 million) in the third quarter of 2024.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
December 3, 2024
8.30am GMT / 9.30am CET
Solar Media Events, Upcoming Webinars
December 12, 2024
9am GMT / 10am CET
Solar Media Events
February 4, 2025
London, UK
Solar Media Events
February 17, 2025
London, UK