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Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) announced that the construction of the first 16 solar plants it financed at the Benban solar park in Egypt, Africa’s largest solar park, has completed.
The plants are now connected to the country’s national electricity grid and began generating clean and reliable energy, the London-based lender said in a statement.
This comes within the framework of a $500 million in financing for the development of renewable energy at Benban solar park since 2017.
The 30-megawatt plant was developed by a consortium comprised of Egypt-based Infinity Solar Energy, Germany’s ib vogt GmbH, and MMID, an investment arm of the Mansour and Maghraby Groups and BPE Partners, the statement said.
It is worth noting that the project is co-financed by the Dutch Development Bank (FMO) and the Green Climate Fund (GCF).
Nandita Parshad, EBRD’s managing director for sustainable infrastructure, said: “This is really a milestone. It was not much more than a year ago that we signed the financing for these projects and the first one is already contributing to Egypt's green transition.
The speed with which these projects are already bringing clean energy to Egypt is a tribute to Infinity Solar, the Egyptian energy sector authorities and the support of the Aswan Governorate”.
The 16 plants financed by EBRD are set to have a solar photovoltaic capacity of 750 megawatts, which is more than half of the park’s 1,465 MW contracted capacity.
This project will help diminishing carbon dioxide emissions by 900,000 tonnes a year, the statement noted.
The EBRD has invested more than EUR 4.7 billion in Egypt over 92 projects since it began investments there in 2012.
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