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TunisiaEuropean Bank for Reconstruction and Development and EU help SolarizEgypt promote rooftop solar panels in Egypt
“Blanketing the golden deserts of Egypt with solar panels and unlocking their massive energy potential,” was the dream of Yaseen Abdel Ghaffar, Managing Director of SolarizEgypt, a company that successfully implemented the first rooftop photovoltaic (PV) system through a private-to-private power purchase agreement (PPA) in the country.
With the help of the European Bank for Reconstruction and Development’s (EBRD’s) Green Economy Financing Facility (GEFF) in Egypt, which is supported by the European Union, SolarizEgypt’s first impactful project materialised when the company received assistance in implementing the installation of a rooftop PV system for the Coca Cola Company.
The GEFF’s support provided the company with the opportunity to receive finance from the QNB Al Ahli Bank, one of GEFF’s partner banks. Although the 1 MW PV system is installed at the Coca Cola’s Sadat City facility, SolarizEgypt retains its ownership and sells the electricity produced to power the factory, so all parties benefit.
GEFF Egypt was developed by the EBRD and is supported by the EU in cooperation with the European Investment Bank and Agence Française de Développement. The GEFF in Egypt has supported over 40 businesses in around 80 projects implemented across sectors as varied as textiles, ceramics, printing, agribusiness and packaging.
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Countries covered:
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Egypt
