EBRD Offers $458 Million In Loans For 750 Megawatts Of Solar Projects In Egypt

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The European Bank for Reconstruction and Development (EBRD) has offered more than $450 million to various project developers planning to set up utility-scale solar power projects in Egypt.

The Bank has offered loans worth $458 million to a total of 16 project developers that represent 750 megawatts of capacity. The projects were allocated to these developers through a tendering process. Some of the major project developers planning to set up projects are ACWA Power, Scatec Solar, and EDF.

ACWA Power plans to set up a total of 120 megawatts of capacity, for which it has been offered debt funding worth $28.7 million. Scatec Solar will set up six projects of 50 megawatts each and will be eligible for $243 million of debt funding from EBRD. European energy major EDF could get $29 million to set up a 50 megawatt project.

Scatec Solar signed an agreement with the Egyptian authorities to set up 400 megawatts of solar power capacity in the Ben Ban region. The company will pour $50-70 million in these projects itself as equity investment.

More than three dozen project developers signed agreements with the Egyptian government to set up 1.8 gigawatts of solar power projects in the Ben Ban region, Aswan. The total investment for this solar power park is expected to be around $3 billion.

Source: cleantechnica.com