JBIC partners with Egypt on green fuels and renewables: The Japan Bank for International Cooperation (JBIC) signed a non-binding agreement with Egypt’s International Cooperation Ministry to explore cooperation in renewable energy and green fuels including ammonia and hydrogen, according to a statement. The timeline and potential investment tickets for the planned projects were not disclosed.

REMEMBER- JBIC is also funding Egypt’s 500 MW Gulf of Suez wind farm: The credit lines extended to Red Sea Wind Energy (RSWE) — the project developer of Egypt’s 500 MW Gulf of Suez wind farm — are co-financed by JBIC, Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale. They will collectively provide green loans adding up to USD 401 mn for the project, with JBIC contributing USD 240 mn alone. The wind farm — which achieved financial close earlier in April — is being developed under the energy pillar of the Egyptian government’s Nexus of Water, Food and Energy program.

Japan is funding other renewable projects: The Japan International Cooperation Agency, the International Finance Corporation (IFC), and Dutch development bank FMO are collectively providing USD 500 mn for Amea Power’s 560 MW Abydos solar plant and the 505 MW Amunet wind project in Egypt. Meanwhile, a USD 800 mn wind farm is receiving USD 500 mn from the Japanese Bank for International Cooperation, the IFC, and three commercial banks — Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, and Standard Chartered Bank. During a three-day state visit to Cairo this week, Japanese Prime Minister Fumio Kishida sat down with Egypt’s President Abdel Fattah El Sisi to discuss potential partnership agreements in the renewable energy sector among other areas.

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