The European Bank for Reconstruction and Development (EBRD), Green Climate Fund (GCF) and the Dutch Development Bank (FMO) have granted $87m in funding for the construction and operation of two solar photovoltaic (PV) power plants in Egypt.
The projects, located at Upper Egypt’s Benban complex, will be developed by Egyptian renewable energy developer Infinity Solar Energy and German solar developer ib vogt. The two plants will have a combined capacity of 80MW.
The projects will receive A loans of $44m from EBRD, $14 from GCF, and B loans of $29m from FMO. The funding forms part of EBRD’s $500m framework to support Egypt’s renewable energy.
EBRD head of power and energy utilities Harry Boyd-Carpenter 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.”