AfDB nods 3 loans worth $55M for solar power projects in Egypt



Thu, 07 Sep 2017 - 11:21 GMT


Thu, 07 Sep 2017 - 11:21 GMT

AfDB logo - Bank Website

AfDB logo - Bank Website

CAIRO – 7 September 2017: The African Development Bank (AfDB) approved on Tuesday, September 5, three loans worth $55 million to fund three 50 megawatt (MW) photovoltaic solar power projects in Egypt, under the Feed-in-Tariff (FiT) Program in Egypt, a bank statement said.

The bank mentioned that the three Egyptian firms benefiting from the loans are Alcazar Energy Egypt Solar 1, Delta for Renewable Energy (Delta) and Shapoorji Pallonji Energy Egypt (SPEE), for a tenor of eighteen years.

“Alcazar I and Delta will be extended a loan of $18 million each. The $19 million loan to SPEE also includes a $7-million concessional financing from the Global Environment Fund (GEF),” the statement read.

Amadou Hott, vice president for Power, Energy, Climate Change and Green Growth Complex (PEVP), commented saying that these three projects will increase Egypt’s power generation capacity, diversify its energy mix, enable significant fuel savings and reduce carbon emissions to the tune of 4.8 million metric tons over the PPA’s 25-year term.

In August, the

European Bank for Reconstruction and Development

(EBRD) signed a number of agreements in the Egyptian renewable energy sector, totaling $623 million.

Under that agreement, the EBRD is contributing $352.3 million, while the Korean Green Climate Fund (GCF) is making a contribution of $154.7 million.

Moreover, in July,

the International Finance Corporation (IFC)

approved $660 million in funding to 11 FiT projects in Benban, near Aswan, worth a total of $730 million and with a total capacity of 500MW.



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