The Egyptian Ministry of Electricity and Renewable Energy has demanded the financing of a project from the European Bank for Reconstruction and Development (EBRD). The project involves the implementation of a 500 million euro solar power plant in Upper Egypt.
The project is planned to be built on an area of 150 acres in Al-Minya Governorate and will increase the total production capacity by about 100 MW, which would be improved to reach double this capacity.
The project, which will be offered by the Ministry of Electricity in a public tender soon after the bank approves its funding, is one of 45 solar power plants that the Ministry of Electricity is seeking to implement in Upper Egypt. The Ministry of Investment and International Cooperation is expected to participate in the negotiation procedures with the EBRD to adopt the final determinants of the project and the mechanisms of implementation, until the project is approved and authorized to be financed.
“The bank has an expansive policy in Egypt, including financing of energy projects, roads and environmental projects, tourism development projects, cultural heritage projects, and family-owned projects, Community development projects and small and medium-sized enterprises (SMEs)”, Janet Hackman, the bank’s CEO of South and East Asia and Resident Representative in Cairo, said. She also declared that their participation in mega-national projects is limited to projects of an environmental nature, in addition to supporting private sector companies working in the fields of new and renewable energy. Without disclosing details about the total funding planned for Egypt, she stated that, initially, the bank would provide Egypt with about 2.5 billion euros in 2018.
