EBRD to finance corporate PPA-backed solar project in Egypt

Solar panel installation in Egypt. Source: EBRD (www.ebrd.com).

December 16 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) said it will grant a USD-4.2-million (EUR 3.4m) loan to finance a private-to-private solar photovoltaic (PV) project in Egypt.

The project will see Egyptian outfit TAQA PV for Solar Energy build and operate a 6-MWp solar plant that will supply electricity directly to private dairy farmer Dina Farms. Dina Farms will procure the output under a 25-year power purchase agreement (PPA).

TAQA PV will build the plant at Dina Farms in the Beheira governorate at a site located 80 kilometres (49.7 miles) from Cairo, EBRD said.

The bank’s loan represents the first tranche of a financing package totalling up to USD 10 million, aimed at supporting TAQA PV’s private-to-private renewable energy business.

TAQA PV for Solar Energy operates as a renewables-focused subsidiary of TAQA Arabia SAE, an Egyptian integrated energy company. Both TAQA Arabia and Dina Farms are part of investment company Qalaa Holdings SAE.

(USD 1.0 = EUR 0.819)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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