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EBRD to extend $ 10 m to Egypt’s 1st private renewable energy project
The European Bank for Reconstruction and Development (EBRD) has decided to grant a $ 10 million financial package to support one of the first green private-to-private projects in Egypt which will be implemented by to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary.
The bank will extend an initial $ 4.2 million loan to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary.
The EBRD funds will finance the construction and operation of a 6 MWp solar photovoltaic power plant located at Dina Farms in the Beheira governorate, 80 km from the Egyptian capital Cairo. This photovoltaic power plant will enable Dina Farms, the largest dairy farm in Africa, to cover part of its energy consumption with clean energy. TAQA PV for Solar Energy will sell all of its generated energy to Dina Farms under a 25-year power purchase agreement (PPA).
The plant is the first private-to-private renewable energy project financed by the EBRD in Egypt involving direct electricity supply from a privately owned generator to a private off-taker through a corporate PPA.
The EBRD’s investment will contribute to Egypt’s ongoing energy transition by supporting the growth of renewable energy. The Egyptian government has declared a target of achieving 20 per cent of the country’s electricity generation capacity from renewable sources by 2022 and 42 per cent by 2035.
Heike Harmgart, EBRD Managing Director for the southern and eastern Mediterranean (SEMED) region, said: “We are very proud to partner with TAQA Arabia, Egypt’s largest private integrated energy company, and to support its ambitious plans to scale up green private-to-private capacity. Private energy solution providers such as TAQA Arabia have a key role to play in supporting Egypt’s ongoing energy sector transition and liberalisation.”
Pakinam Kafafi, TAQA Arabia’s CEO, said: “I am thrilled about TAQA and the EBRD’s partnership in the development of such a great sustainable project and the launch of one of the first private-to-private renewable energy projects in Egypt. I believe that this is just the beginning of further fruitful cooperation.”
TAQA PV for Solar Energy is a project company incorporated in Egypt for the purposes of developing the private-to-private renewable energy business of TAQA Arabia SAE, an Egyptian joint stock company.
TAQA Arabia and Dina Farms are part of the core subsidiaries of Qalaa Holdings. Qalaa Holdings builds responsible and sustainable businesses that create social and economic value, and operates in sectors such as energy, cement production, agrifoods, transport and logistics, mining, printing and packaging.
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