The European Bank for Reconstruction and Development (EBRD) is promoting the expansion of renewable energy in Egypt by supporting one of the first green private-to-private projects in the country, with an initial US$ 4.2 million loan to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary.

The loan is part of a financing package of up to US$ 10 million to expand TAQA Arabia’s private-to-private renewable energy business.

The EBRD funds will finance the construction and operation of a 6 MWp solar photovoltaic power plant located at Dina Farms in the Beheira governorate, 80 km from the Egyptian capital Cairo.

This is the EBRD’s first project in Egypt under the Southern and Eastern Mediterranean Private Renewable Energy Framework (SPREF), which supports the development and financing of innovative business models and to mobilise private finance for renewable energy projects in the SEMED region. SPREF is under the umbrella of the Regional Dialogue Platform on Renewable Energy and Energy Efficiency, created by the Union for the Mediterranean, to promote the deployment of renewable energy and energy efficiency measures in energy generation, transmission, distribution and end use.

To date, the EBRD has invested more than €7 billion in 125 projects in Egypt, where the Bank’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as in the power sector, municipal water and wastewater services and transport.

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Press Release

European Bank for Reconstruction and Development (EBRD)