ArabFinance: TAQA PV for Solar Energy, a subsidiary of Egypt-based TAQA Arabia is obtaining an initial $4.2 million (EGP 65.99 million) credit facility from the European Bank for Reconstruction and Development (EBRD), the bank said on December 10th.

The loan aims to promote the expansion of Egypt’s renewable energy sector, the EBRD noted. The financing is part of a funding package of up to $10 million (EGP 157.12 million) to expand TAQA Arabia’s private-to-private renewable energy business.

The money will finance the construction and operation of a solar photovoltaic (PV) power facility located at Dina Farms in Beheira governorate, the European lender said.

Dina Farms will therefore cover part of its energy consumption with clean energy through the PV facility, the EBRD said.

“TAQA PV for Solar Energy will sell all of its generated energy to Dina Farms under a 25-year power purchase agreement,” according to the bank.

“Private energy solution providers such as TAQA Arabia have a key role to play in supporting Egypt's ongoing energy sector transition and liberalization,” EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) Region Heike Harmgart commented.

This is the EBRD’s first project in Egypt under the SEMED’s Private Renewable Energy Framework, the bank noted.

TAQA Arabia is reportedly opening several natural gas fueling stations before the end of this year.

 

*At press time, the conversion rate is $1 = EGP 15.71

 

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