{"id":639544,"date":"2017-10-31T06:31:33","date_gmt":"2017-10-31T06:31:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/"},"modified":"2017-10-31T06:31:33","modified_gmt":"2017-10-31T06:31:33","slug":"the-latest-on-egypts-burgeoning-renewable-energy-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/","title":{"rendered":"The latest on Egypt\u2019s burgeoning renewable energy sector"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Egypt\u2019s renewable energy sector under the second feed-in tariff program has been on a <\/strong><strong>tear in the past couple of weeks<\/strong>. Herewith, a roundup of recent developments, including news yesterday and overnight (background <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/24\/power-and-utilities-mas-in-mena-grow-six-times-q-o-q\/\">here<\/a>, <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/24\/ebrd-gcf-fmo-extend-usd-87-mn-loan-to-solar-power-projects-in-egypt\/\">here<\/a> and <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/29\/ifc-channels-usd-653-mn-loan-to-benban-solar-complex\/\">here<\/a>, for those so inclined):<\/p>\n<p><strong>International institutional interest in solar helps 30 companies close on power plants:<\/strong> The International Finance Corporation has been among a number of leading international finance institutions to dish out some of the <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/19\/egypt-getting-usd-1-8-bn-in-solar-power-investment\/\">c.USD 1.8 bn pledged to the Benban solar complex<\/a>, helping companies in the project reach financial close. The <a href=\"https:\/\/www.facebook.com\/pg\/ukinegypt\/posts\/?ref=page_internal\">UK government announced<\/a> it would be taking part in the IFC\u2019s debt package through the state-owned CDC Group, which is investing USD 97 mn in the complex. Meanwhile, the African Development Bank\u2019s (AfDB) infrastructure fund for Africa, Africa50, signed financing documentation with Scatec Solar and Norfund for developing 400 MW in solar plants in Benban by contributing equity and leveraging total funding of around USD 450 mn, <a href=\"http:\/\/www.africanreview.com\/energy-a-power\/renewables\/africa50-reaches-financial-close-for-solar-plants-in-egypt\">African Review reports<\/a>.<\/p>\n<p><strong>The China-led Asian Infrastructure Investment Bank (AIIB) is also providing USD 210 mn <\/strong><strong>to fund 11 solar power plants in Benban,<\/strong> <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1211860\">according to Trade and Industry Minister Tarek Kabil<\/a>, in addition to the European Bank for Reconstruction and Development\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/19\/egypt-getting-usd-1-8-bn-in-solar-power-investment\/\">USD 500 mn framework for renewable energy in Egypt<\/a>. Senior debt will be provided by EBRD, FMO, the Green Climate Fund, the Islamic Development Bank and the Islamic Corporation for the Development of the private sector. <a href=\"http:\/\/www.almalnews.com\/Story\/351160\/59\/30-%D8%B4%D8%B1%D9%83%D8%A9-%D8%B7%D8%A7%D9%82%D8%A9-%D8%B4%D9%85%D8%B3%D9%8A%D8%A9-%D8%AA%D8%AD%D9%82%D9%82-%D8%A7%D9%84%D8%A5%D8%BA%D9%84%D8%A7%D9%82-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%89-%D9%84%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7%D8%AA%D9%87%D8%A7\">By Al Mal\u2019s count<\/a>, 30 solar power projects have reached financial close as of Monday morning and submitted their documents to the Electricity Ministry.<\/p>\n<p><strong>Other renewable energy projects in the works: <\/strong>The Egyptian Electricity Transmission Company (EETC) will sign a power purchase agreement today with a consortium made up of Toyota, Orascom, and GD France, who are co-developing a USD 250 mn wind power station in the Gulf of Suez, said Lamiaa Youssef, the Electricity Holding Company chief officer on the feed-in tariff (FiT) program. The parties have already concluded negotiations, agreeing that the EETC would purchase power from the 250 MW project at USD 0.038 per kWh for 25 years under the FiT, <a href=\"https:\/\/alborsanews.com\/2017\/10\/30\/1061425\">she told Al Borsa<\/a>. The New and Renewable Energy Authority (NREA) is <a href=\"https:\/\/enterprise.press\/stories\/2017\/09\/26\/nrea-to-receive-financial-technical-offers-for-250-mw-gulf-of-suez-wind-farm-next-month\/\">also looking at offers<\/a> from Vestas, Siemens, Enercon, and Ray Power for another 250 MW station in the Gulf of Suez, NREA boss Mohamed El Khayat said, adding that two solar power projects will be tendered in Hurghada and Kom Ombo before the end of December.<\/p>\n<p><strong>What\u2019s next for Egypt\u2019s renewables sector?<\/strong> Electricity Minister Mohamed Shaker reminded everyone that the <a href=\"https:\/\/enterprise.press\/stories\/2017\/07\/19\/fit-rates-for-all-subsequent-renewable-energy-projects-to-be-set-on-a-case-by-case-basis\/\">FiT for all subsequent solar and wind projects<\/a> will be determined on a case-by-case basis. The ministry will begin issuing tenders in 1Q2018, <a href=\"https:\/\/alborsanews.com\/2017\/10\/30\/1061233\">he said<\/a>, and a committee is currently drawing up a list of renewable energy projects that will be offered.<\/p>\n<p>Speaking on other power projects, <strong>Shaker said that the ministry plans to sign the contracts <\/strong><strong>to connect the Egyptian and Saudi electricity grids soon<\/strong>. He also repeated that the Dabaa contracts will be signed before the year is out (inshallah).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s renewable energy sector under the second feed-in tariff program has been on a tear in the past couple of weeks. Herewith, a roundup of recent developments, including news yesterday and overnight (background here, here and here, for those so inclined): International institutional interest in solar helps 30 companies close on power plants: The International [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7279],"tags":[72,2073],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639544","post","type-post","status-publish","format-standard","hentry","category-spotlight","tag-enterpriseam","tag-spotlight","wpautop","entry"],"acf":{"mongo_id":"cf9ab203-2b12-4e89-b8ba-bd6a28d21c19","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[639523],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The latest on Egypt\u2019s burgeoning renewable energy sector - 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\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The latest on Egypt\u2019s burgeoning renewable energy sector\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s renewable energy sector under the second feed-in tariff program has been on a tear in the past couple of weeks. Herewith, a roundup of recent developments, including news yesterday and overnight (background here, here and here, for those so inclined): International institutional interest in solar helps 30 companies close on power plants: The International [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-31T06:31:33+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The latest on Egypt\u2019s burgeoning renewable energy sector\",\"datePublished\":\"2017-10-31T06:31:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/\"},\"wordCount\":507,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPOTLIGHT\"],\"articleSection\":[\"Spotlight\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/the-latest-on-egypts-burgeoning-renewable-energy-sector\/\",\"name\":\"The latest on Egypt\u2019s burgeoning renewable energy sector - 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That was the main takeaway from EBRD President Odile Renaud-Basso\u2019s meeting yesterday with President Abdel Fattah El Sisi.Renaud Basso told El Sisi EBRD\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/228.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561473,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/finance-in-motion-arranging-usd-75-mn-loan-to-unnamed-bank\/","url_meta":{"origin":639544,"position":2},"title":"Finance in Motion arranging USD 75 mn loan to unnamed bank","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"NBFS players and renewable energy projects could soon be in line for a piece of a USD 75 mn facility Finance in Motion is providing to an unnamed local bank for on-lending, Egypt country head Mohamed Morsy told Al Mal. The facility could be made available as soon as next\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595922,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/14\/ebrd-ifc-opic-agree-to-finance-usd-252-mn-of-lekela-egypts-250-mw-wind-farm\/","url_meta":{"origin":639544,"position":3},"title":"EBRD, IFC, OPIC agree to finance USD 252 mn of Lekela Egypt\u2019s 250 MW wind farm","author":"enterpriseam admin","date":"14 August 2019","format":false,"excerpt":"INVESTMENT WATCH- EBRD, IFC, OPIC agree to finance USD 252 mn of Lekela\u2019s 250 MW wind farm: The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Overseas Private Investment Corporation (OPIC) have agreed to jointly provide USD 252 mn in funding to Lekela Egypt\u2019s\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":599057,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/egypt-has-africas-second-highest-renewable-energy-capacity-but-were-still-not-reaching-our-potential\/","url_meta":{"origin":639544,"position":4},"title":"Egypt has Africa\u2019s second highest renewable energy capacity, but we\u2019re still not reaching our potential","author":"enterpriseam admin","date":"17 June 2019","format":false,"excerpt":"Egypt has Africa\u2019s second-highest renewable energy capacity, but we\u2019re still not reaching our potential: Egypt ranks second in Africa in terms of renewable energy capacity, with statistics from the International Renewable Energy Association (IRENA) showing that power plants and other installations that use renewables can generate up to 4,813 MW\u2026","rel":"","context":"In &quot;Worth reading&quot;","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/81.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577242,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/","url_meta":{"origin":639544,"position":5},"title":"The Enterprise Climate CEO Poll: EBRD\u2019s Harry Boyd-Carpenter","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Enterprise Climate CEO Poll- Harry Boyd-Carpenter: With just a few days to go until COP27 winds down in Sharm El Sheikh, Enterprise Climate and EnterpriseAM is continuing its inaugural Climate CEO poll. Our series of interviews with top C-suite execs and business leaders covers key issues being raised at the\u2026","rel":"","context":"In &quot;CLIMATE CEO POLL&quot;","block_context":{"text":"CLIMATE CEO POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/climate-ceo-poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/236.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639544","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=639544"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639544\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/639523"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=639544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=639544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=639544"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=639544"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=639544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}