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EBRD allocates $500 million to finance Egypt's solar energy programme

Ahram Online , Tuesday 1 Dec 2015
Views: 2266
Views: 2266

The European Bank for Reconstruction and Development (EBRD) has allocated up to $500 million for 2016 to finance Egypt's new solar energy programme, part of a governmental target to secure 20 percent of electricity from renewable sources, the bank said on Monday on its website.

The solar energy programme aims at constructing utility-scale solar projects within the private sector with a generating capacity of 2,000 megawatts, with many of them to be located in Upper Egypt, EBRD said.

“The EBRD expects to finance several such plants up to $500 million and to mobilise up to $1.5 billion in debt and equity from other financiers for these ventures. The total project cost is expected to be in the region of $4 billion,” the bank stated.

On Sunday, Egypt inaugurated the largest wind power station in the MENA region with a capacity of 200 MW in the Gabal El-Zeit area in the Red Sea governorate, with a total cost estimated at 270 million euros ($286 million), according to the Egyptian electricity ministry.

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02-12-2015 04:26pm
At bloody last
The thick skulls posing as Egyptian Government got the point. Now they need to encourage the Private sector, especially small youth-owned businesses to participate not the fat army generals! Furthermore, target the USAID and request the US to convert the $1.3b aid to green energy; you have over 1,000 useless fighter jets already, you don't need more; what you need is energy, jobs, and vision!
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