A 30MW Benban solar plant, which is funded by the European Bank for Reconstruction and Development (EBRD), has begun operations in Egypt.
Image: EBRD funded 30MW solar plant begins operations in Egypt. Photo courtesy of The European Bank for Reconstruction and Development (EBRD).
The solar plant is one of the 16 solar plants financed by the European Bank for Reconstruction and Development (EBRD) at the Benban solar park in Egypt.
Out of the total capacity, EBRD has agreed to finance for 750MW of solar capacity, which is more than half of the entire contracted capacity. The international development bank has agreed to provide $500m framework to support the development of the project.
Construction of the 30MW portion is now complete and it has been connected to the national electricity grid. This portion was developed by a sponsor consortium led by Infinity Solar Energy, an Egyptian company established in 2014 for developing renewable energy projects across Egypt, Africa and the Middle East.
The consortium also includes ib vogt, a German solar specialist, MMID, the investment arm of the Mansour and Maghraby Groups and BPE Partners, one of the leading private equity firms in Egypt.
EBRD sustainable infrastructure managing director Nandita Parshad 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.”
Comprising 41 solar power plants, the Benban solar park is being developed in Benban, located in the Aswan governorate, Egypt.
The project is a part of Egypt’s Nubian Suns Renewable Energy Feed-in Tariff (FiT) programme that was announced in September 2014. The programme is in line with the Egyptian government’s Sustainable Energy Strategy 2035 that aims to produce 20% of electricity from renewable sources by 2022.