Egypt's Elsewedy secures USD 150m for solar projects

Egyptian energy solutions provider Elsewedy Electric S.A.E (EGX: SWDY.CA) has secured a USD-150-million (EUR 142.62m) loan from the International Finance Corporation (IFC) to fund new solar projects and improve the energy efficiency at its existing manufacturing facilities.

The loan will enable Elsewedy to finance infrastructure projects which mainly cover the development and acquisition of solar projects as well as capex maintenance and improvement plans for production facilities, the Cairo-based company said on Tuesday.

The fresh capital will help the company achieve its expansion and growth plans in line with Egypt's and IFC's strategy to support sustainable and clean energy projects. The investment will support Elsewedy to reduce more than 60,000 tonnes of carbon dioxide annually through solar plants and improved energy efficiency in its factories.

Elsewedy will repay the loan to IFC, which is a member of the World Bank Group, within seven years.

Elsewedy Electric's renewables unit has worked on projects such as a 130-MWp solar plant in Benban, Aswan, which was built jointly with France's EFD Renewables, and a hybrid solar photovoltaic (PV) plant in Juba, South Sudan. In the first quarter of 2022, the unit generated EGP 102 million (USD 5.42m/EUR 5.2m) in revenues.

(USD 1 = EUR 0.951)

(EGP 1.0 = USD 0.053/EUR 0.051)

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