|18 September, 2019

Germay’s KfW provides $55.12mln loan for PV plant in Egypt

The plant will produce 90m kWh annually

Image used for illustrative purpose. Wind turbines spin at a windpark on October 17, 2012 near Neubrandenburg, Germany. Germany's electricity network operators recently announced that they will raise the charge to consumers for subsidizing renewable energy investments by 50%.

Image used for illustrative purpose. Wind turbines spin at a windpark on October 17, 2012 near Neubrandenburg, Germany. Germany's electricity network operators recently announced that they will raise the charge to consumers for subsidizing renewable energy investments by 50%.

Getty Images/Sean Gallup

Cairo –  Egyptian Ministry of Electricity and Renewable Energy is planning to launch a 50 megawatts photovoltaic (PV) power plant in Zaafarana.

The project will be funded by a EUR 50 million soft loan from Germany’s KfW bank, according to a statement released on Wednesday.

The new plant came in line with the efforts exerted towards the realisation of Egypt’s goal to increase renewable energy’s contribution to the country’s energy mix to 20% by 2020.

Zaafarana PV power plant is expected to produce around 90 million kilowatts/hour per year, which will reduce annual fuel consumption by 18,000 tonnes of oil equivalent and cut 50,000 tonnes of carbon dioxide emissions every year, chairman of New and Renewable Energy Authority (NREA) Mohamed El-Khayat, revealed.

Source: Mubasher

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