Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) will provide Egypt with a $28.5 million loan for the construction of a 50-megawatt solar plant in Aswan.
This project is the third project under the EBRD’s $500 million framework for renewable energy in Egypt, according to the EBRD’s official website.
The solar plant will be built at the Benban complex in Aswan by the Saudi-based construction and electric manufacturing company Alfanar Energy, the EBRD added.
Upon the completion of this plant, the bank noted that it would be the largest solar installation in the world with a planned total capacity of 1.8 gigawatts.
Moreover, the EBRD loan will be complemented by a parallel loan of up to $28.5 million from the Islamic Corporation for the Development of the Private Sector (ICD).
EBRD director of power and energy utilities Harry Boyd-Carpenter said: “We are delighted to work with Alfanar Energy and to support them in such an important investment.”
“The EBRD has been a firm supporter of renewable energy development in Egypt, providing policy advice, technical assistance, and financing,” Carpenter added.
Meanwhile, Jamal Wadi, CEO of Alfanar Energy, said: “The collaboration with the EBRD and ICD for financing this project has been a pivotal element in taking the project forward.”
“This partnership will assist the socio-economic development of Benban, Egypt, by providing the local population with infrastructure, jobs and skills training,” Wadi added.
He noted that “the region has tremendous potential for generating power from natural resources and Alfanar looks forward to working with the EBRD and ICD on future renewables projects in solar, wind and biomass.”
The EBRD’s projects in Egypt will boost the country’s local economy, as the bank has directly invested up to EUR 2.7 billion in 51 projects in the country.
