EBRD to finance corporate PPA-backed solar project in Egypt

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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