EBRD announces financial support to Aswan solar power plant

CAIRO – 20 October 2017: The European Bank for Reconstruction and Development (EBRD) announced financial support to Africa’s largest solar plant in Aswan, according to a statement by the EBRD.

A total of $335 million worth of funds from the EBRD, the Green Climate Fund (GCF), the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector (ICD) and the Dutch Development Bank (FMO) will be shelled out to the new solar planet power in Aswan.

Publicly dubbed as the “new solar power city,” Egypt’s largest solar plant costs about LE 40 billion ($2.3 billion) and will expectedly open up 6,000 job opportunities.

“This first investment with the EBRD under our Egypt Renewable Energy Financing Framework project is a big step forwards. It shows the potential for public and private climate finance to drive the low emission energy transition in support of Egypt’s climate goals,” Ayaan Adam, private sector facility director at Green Climate Fund said.

Work for the 2,000 megawatt (MW) solar power plant has already started back in 2015. Four main stations of the plant are already completed.

Harry Boyd-Carpenter, EBRD’s head of power and energy utilities, said, “we are delighted to support today the largest solar portfolio in Egypt's feed-in-tariff scheme and to work again with Scatec Solar.”

“With this program, the government of Egypt is making important steps towards accessing clean and low-cost electricity to drive development and economic prosperity.

Scatec Solar and partners are making significant investments and making a long-term commitment to Egypt,’’ said Raymond Carlsen, CEO of Scatec Solar.

The massive national project will be inaugurated by 2018 and aims to ease the electricity shortages and achieve Egypt’s self-sufficiency in the energy sector.