EBRD finances solar power plant in Egypt

October 2, 2017
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The EBRD is continuing to roll out its US$ 500 million framework for renewable energy in Egypt by providing a US$ 28.5 million (€24 million equivalent) loan for the construction of a 50 MW solar plant in Egypt’s Aswan province. It will be built by Alfanar Energy, a Saudi-based construction and electric manufacturing company.

Following the signing of two projects last month, this is the third project under the EBRD’s framework, which is expected to finance a total of 16 such projects, delivering 750 MW of solar power. The new solar plant is located at the Benban complex in Upper Egypt, which upon completion will be the largest solar installation in the world with a planned total capacity of 1.8 GW.

The EBRD loan will be complemented by a parallel loan of up to US$ 28.5 million from the Islamic Corporation for the Development of the Private Sector (ICD).

Harry Boyd-Carpenter, EBRD Director, Power and Energy Utilities, commented: “We are delighted to work with Alfanar Energy and to support them in such an important investment. The EBRD has been a firm supporter of renewable energy development in Egypt, providing policy advice, technical assistance and financing. We are very pleased to take another step forward in this area, and to continue our successful cooperation with ICD as well.”


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Press Release

European Bank for Reconstruction and Development

Countries covered:

  • Egypt