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EBRD and Proparco sign first projects under Egypt Renewable Energy Framework
The two institutions have committed US$ 58 million each for two 50 MW solar photovoltaic power plants.
European Bank for Reconstruction and Development (EBRD) and Proparco have together provided US 116 million of financing for the construction and operation of two 50 MW solar photovoltaic power plants in Egypt. These are the first two projects to be financed under the second round of Egypt's ambitious feed-in tariff scheme for renewable and will be part of the planned 1.8 GW Benban solar complex in Aswan province, in the southern area of Upper Egypt.
They are also the first projects under the EBRD’s new US$ 500 million framework for renewable energy in Egypt, which is expected to finance a total of 16 such projects delivering 750 MW of capacity and under Proparco’s dedicated envelope for solar projects in Egypt.
The new facilities will be constructed, operated and owned by two Egyptian subsidiaries of the French company EREN Renewable Energy and Access Power, the Dubai-based developer, owner and operator of sustainable power plants.