The Asian Infrastructure Investment Bank (AIIB) is set to provide $210m in debt financing to support development of 11 solarpower projects in Egypt with a total capacity of 490MW.
The plants are expected to increase Egypt’s power generation capacity, reducing its reliance on gas and fuel sources for electricity generation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn addition proposed plants are expected to help the country meet commitments made under the Paris Climate Agreement.
Egypt aims to export energy during peak hours and improve its connectivity in the Middle East, Asia, Europe, and Africa.
AIIB vice-president and chief investment officer D J Pandian said: “Investing in clean, renewable energy is a big part of our strategy to promote a sustainable and low-carbon future for Asia.
“We are supporting this project because it contributes to Egypt’s renewable energy capacity, and it will help position the country as a regional energy hub, which will have economic benefits for the entire region.”
The newly announced long-term debt financing will be provided by a group of lenders including AIIB and International Financial Corporation (IFC) on a limited recourse project finance basis. Lenders from private sector and bilateral financial institutions will also take part.
