Sun’s out for Egyptian solar with $87m loan

Two solar plants in Egypt with a combined capacity of 80MW are to receive a loan of $87 million (£66m). Renewable energy developers Infinity Solar Energy SAE and ib vogt […]

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By Jonny Bairstow

Two solar plants in Egypt with a combined capacity of 80MW are to receive a loan of $87 million (£66m).

Renewable energy developers Infinity Solar Energy SAE and ib vogt GmbH will have funding provided by the European Bank for Reconstruction and Development (EBRD), the Green Climate Fund (GCF) and the Dutch Development Bank (FMO).

Both plants will be built at the Benban energy complex in Upper Egypt, which on completion will be the largest solar installation in Africa, with a planned total capacity of 1.8GW.

The EBRD will provide $44 million (£33.4m) from its own account, with $14 million (£10.6m) from the GCF and $29 million (£22m) from the FMO.

Harry Boyd-Carpenter, Head of Power and Energy Utilities for the EBRD, said: “We are delighted to welcome Infinity and ib vogt as new partners in this important project, which will significantly change the way that Egypt generates energy.

“The expansion of renewables is crucial not only for the environment but also for the wider economy. It will create jobs, increase energy security and reduce the burden on the economy.”