Lekela has announced that it has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for its 250 MW wind farm project in the Gulf of Suez.
Energy Finance & Investment News in Egypt
Both the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) have disclosed that they are considering providing loans to a 250 MW wind project in Egypt. The project is owned by Lekela Power and has an estimated total cost of US$325 million.
ENGIE, Toyota Tsusho Corporation/Eurus Energy Holdings Corporation and Orascom Construction have jointly signed an agreement to commence development work on a new 500 MW wind farm in Ras Ghareb, Egypt.
Abu Dhabi-based Masdar, Egyptian energy technology developer Elsewedy Electric and Marubeni Corporation have signed an agreement to develop an 800 MW wind project in Egypt. The estimated investment required has not been disclosed.
ACWA Power has reached financial close of the three solar photovoltaic projects, located in the south of Egypt, with an aggregate capacity of 165.5MWp. The total cost of the projects is US$190 million.
The consortium proposing to build a 250 MW wind farm in Ras Ghareb, Egypt have achieved financial close for the project. The estimated value of the wind farm is US$400 million.
Egypt's Ministry of Electricity and Renewable Energy and the Egyptian Electricity Transmission Company (EETC) have released a tender for 600 MW of solar photovoltaic (PV) capacity.
EREN Renewable Energy (EREN RE) and Access Power have announced the successful financial close of two solar PV plants with a total capacity of 126 MWp located in the Benban complex marking their official entry into the Egyptian renewable market.
The EBRD, the Green Climate Fund (GCF) and the Dutch Development Bank (FMO) are supporting the expansion of renewable energy in Egypt with a US$ 87 million syndicated loan to Infinity Solar Energy SAE for 80 MW solar facilities located at the Benban complex.
Scatec Solar ASA (SSO) and partners have achieved financial close for six solar PV power plants in Egypt totaling 400 MW. A consortium of international Development Finance Institutions is providing a non-recourse project finance of US$335 million, which accounts for 75% of the capex.
Under the EBRD’s US$ 500 million framework for renewable energy in Egypt, the bank is providing a financing package of US$ 73 million for the construction and operation of three solar photovoltaic power plants in Egypt totaling 120 MW.
Acciona has announced it has signed power purchase agreements under a period of 25 years, for the development of the 150 MW of solar projects in Egypt. The project is part of Round 2 of the country's feed-in tariff programme.
The Japanese International Cooperation Agency (JICA) has approved a US$60 million financing package for the development of a solar power plant in Egypt.
Alfanar Company, a Saudi based electrical power company has announced the signing of facility agreement for US$57 million with the European Bank for Reconstruction and Development (EBRD) and Islamic Corporation for the Development of the Private Sector (ICD).
The Asian Infrastructure Investment Bank (AIIB) has announced up to US$210 million in debt financing for the development of 11 solar power projects to tap Egypt’s renewable energy potential.
Egypt's New and Renewable Energy Authority (NREA) has launched a tender for the development of a 250MW solar plant in the Gulf of Suez.
Egypt has taken a major step forward in its use of renewable energy sources with the support of the European Bank for Reconstruction and Development (EBRD) and Proparco, a French financial institution that supports private sector development projects in emerging economies.
The International Finance Corporation IFC, a member of the World Bank Group. has approved an investment of US$635 million that will help construct, operate and maintain up to 11 solar power plants in Egypt.
The European Bank for Reconstruction and Development (EBRD) has approved a US$500 million framework to finance renewable energy in Egypt.