{"id":639023,"date":"2017-10-19T03:59:51","date_gmt":"2017-10-19T03:59:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/19\/egypt-getting-usd-1-8-bn-in-solar-power-investment\/"},"modified":"2017-10-19T03:59:51","modified_gmt":"2017-10-19T03:59:51","slug":"egypt-getting-usd-1-8-bn-in-solar-power-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/19\/egypt-getting-usd-1-8-bn-in-solar-power-investment\/","title":{"rendered":"Egypt getting USD 1.8 bn in solar power investment"},"content":{"rendered":"

<\/a> EBRD approves funding for three remaining solar power plants under USD 500 mn <\/strong>framework:<\/strong> The European Bank for Reconstruction and Development (EBRD) approved financing for three solar power plants in Egypt under its USD 500 mn renewable energy framework<\/a>, a statement said yesterday (pdf)<\/a>. This brings the total number of projects under the framework up to 16, with a combined capacity of 750 MW, making EBRD<\/strong><\/a> \u201c<\/strong>the single largest investor in renewable energy in Egypt.\u201d <\/strong><\/p>\n

Co-financing with China: <\/strong>The three newly-approved projects, which were allocated a USD 73 mn package, will be co-financed by the Industrial Commercial Bank of China, with a matching loan from the Multilateral Investment Guarantee Agency. Saudi\u2019s ACWA Power will be developing the plants with China\u2019s CHINT Solar and Egypt\u2019s Al Tawakol Electrical Co. under phase two of the feed-in tariff program in Benban, Aswan. \u201cThese will be the first private utility-scale renewable-energy projects<\/strong> in a country whose energy sector is otherwise dominated by the use of hydrocarbons. The projects are expected to lead to many more investments that will improve Egypt\u2019s energy mix through greater use of sustainable energy sources.\u201d
\nEgypt is drawing in USD 1.8 bn in solar power investment largely from the EBRD and the <\/strong>World Bank\u2019s International Finance Corporation<\/strong> (IFC), Anna Hirtenstein writes for Bloomberg<\/a>. EBRD is backing 16 photovoltaic projects, and the IFC is financing 13 with a combined capacity of 1.4 GW in Benban. The site is expected to have a capacity of 1.8 GW and cost USD 2.8 bn by the time the projects are completed in 1H2019. EBRD and IFC are \u201cwriting loans for USD 380 mn and USD 203 mn, respectively, and have mobilized the rest from co-investors,\u201d Hirtenstein writes. IFC has lined up loan agreements for all of its projects except two, which it expects to sign this week, spokeswoman Riham Mustafa said.<\/p>\n

After years of wrangling, we have the right regulatory framework in place: <\/strong>EBRD\u2019s loans are financing \u201cthe first private renewable energy projects in Egypt, and it\u2019s not an easy macroeconomic or geopolitical situation \u2026 Yet because it\u2019s got the right regulatory framework in place, Egypt has been able to attract all of these different investors and should comfortably get more than a gigawatt of capacity financed this year,\u201d EBRD Head of Power & Energy Utilities Harry Boyd-Carpenter says.<\/p>\n

The comes as the EBRD and \u00c9lectricit\u00e9 de France signed a USD 150 mn contract with <\/strong>Elsewedy Electric to build two solar power plants<\/strong> with a combined capacity of 100 MW at the Union for the Mediterranean\u2019s Energy and Climate Business Forum in Cairo on Wednesday, according to a statement from the Investment and International Cooperation Ministry<\/a>.<\/p>\n

\u2026<\/strong>Gaza is also getting some solar power as well<\/strong>, with three new solar energy plants set to be operational by April, Reuters reports<\/a>. US-based Samaha Group<\/a> will build the plants that will produce a total of 40 MW of power for about EUR 50 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

EBRD approves funding for three remaining solar power plants under USD 500 mn framework: The European Bank for Reconstruction and Development (EBRD) approved financing for three solar power plants in Egypt under its USD 500 mn renewable energy framework, a statement said yesterday (pdf). This brings the total number of projects under the framework up […]<\/p>\n","protected":false},"author":1,"featured_media":639024,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"dd7cece6-5aaa-43fe-8322-6a6cbc0441e1","order":"0","is_powered_by":true,"section_story_id":"f1c5c57e-1d7e-42b9-bcf1-1d745f4add03","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/10\/129.png","photo_position":"above","related_issue":[639016],"teaser":"","voice_url":""},"yoast_head":"\nEgypt getting USD 1.8 bn in solar power investment - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/19\/egypt-getting-usd-1-8-bn-in-solar-power-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt getting USD 1.8 bn in solar power investment\" \/>\n<meta property=\"og:description\" content=\"EBRD approves funding for three remaining solar power plants under USD 500 mn framework: The European Bank for Reconstruction and Development (EBRD) approved financing for three solar power plants in Egypt under its USD 500 mn renewable energy framework, a statement said yesterday (pdf). 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The two\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642774,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/22\/ebrd-frances-proparco-offer-usd-116-mn-to-finance-benban-power-plants\/","url_meta":{"origin":639023,"position":1},"title":"EBRD, France\u2019s Proparco offer USD 116 mn to finance Benban power plants","author":"enterpriseam admin","date":"22 August 2017","format":false,"excerpt":"God bless the DFIs \u2014 EBRD, Proparco offer USD 116 mn to finance Benban power plants: The European Bank for Reconstruction and Development and France\u2019s Proparco are each committing USD 58 mn to finance the construction and operation of two 50 MW solar power plants in Benban, according to an\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568933,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/09\/ebrd-qnb-alahli-agree-usd-82-mn-climate-finance-package\/","url_meta":{"origin":639023,"position":2},"title":"EBRD, QNB Alahli agree USD 82 mn climate finance package","author":"enterpriseam admin","date":"9 February 2020","format":false,"excerpt":"EBRD commits fresh capital to climate finance in Egypt: The European Bank of Reconstruction and Development (EBRD) and QNB Alahli have agreed a USD 82 mn financial package to fund green and SME-led projects in Egypt, the EBRD said in a statement. 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The bank plans to invest in electricity distribution infrastructure and EV charging stations, in addition to either new solar plants or onshore wind\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574100,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/30\/ebrd-could-contribute-usd-54-mn-to-200-mw-kom-ombo-solar-plant\/","url_meta":{"origin":639023,"position":4},"title":"EBRD could contribute USD 54 mn to 200 MW Kom Ombo solar plant","author":"enterpriseam admin","date":"30 August 2020","format":false,"excerpt":"The European Bank for Reconstruction and Development (EBRD) said that it is considering providing Acwa Power with USD 54 mn to help build and develop a 200 MW solar power plant in Kom Ombo, according to a statementon Friday. The loan would comprise USD 40 mn in senior debt financing\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646264,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/11\/skypowers-usd-5-bn-3-gw-solar-pv-project-gets-green-light-from-cabinet\/","url_meta":{"origin":639023,"position":5},"title":"SkyPower\u2019s USD 5 bn, 3 GW solar PV project gets green light from cabinet","author":"enterpriseam admin","date":"11 June 2017","format":false,"excerpt":"INVESTMENT WATCH- The Ismail cabinet voted on Thursday to green-light a plan from Canada\u2019s SkyPower to develop a 3 GW solar PV project. The USD 5 bn project was originally signed during the March 2015 Egypt Economic Development Conference, and was resurrected earlier this year.The news came as the European\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=639023"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639023\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/639016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/639024"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=639023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=639023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=639023"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=639023"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=639023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}