News

European Bank Allocates $500 Million for Egypt’s Solar Program

European Bank Allocates $500 Million for Egypt’s Solar Program

A solar-thermal plant in Egypt's Kuraymat
A solar-thermal plant in Egypt’s Kuraymat

The European Bank for Reconstruction and Development (EBRD) has allocated USD 500 million to support Egypt’s solar energy program in 2016, the bank announced in a statement on its website on Monday.

According to the statement, the EBRD is prepared to finance “several plants up to USD 500 million and to mobilize up to USD 1.5 billion in debt and equity from other financiers.” Many of the projects, which will be constructed entirely by private firms, will be located in Upper Egypt and stand as the world’s largest solar park upon completion.

“Egypt currently relies to a large extent on traditional power generation fuelled by costly hydrocarbon imports,” the statement says, adding that Egypt has “world-class solar resources” and can therefore rely on solar energy to cover more of its energy needs.

The announcement comes as Egyptian President Abdel Fattah El Sisi is in France to attend the Paris Climate Summit, where 140 world leaders are discussing measures to mitigate the effects of global warming.

Egypt has been diversifying its energy sources after suffering from severe shortages resulting in years of rolling blackouts during peak times.

Solar energy has been hailed as Egypt’s best bet when it comes to renewable energy sources.

Last month, the government made its first payment to a private citizen for providing energy generated by solar panels installed on the roof of his home that are connected to the government’s power grid.

In March, Egypt’s Electricity Minister Mohamed Shaker announced the launch of a solar power plant in Siwa, in the country’s west. The plant was financed through an Emirati grant signed last year worth USD 140 million.

The Egyptian government has also said it intends to shift to solar power to cover all lighting in the resort city of Sharm El-Sheikh, which already relies on solar energy for 70 percent of its lighting.

Japan has also pledged USD 100 million to fund a solar power plant with a capacity of 200 megawatts in the Red Sea resort town of Hurghada.

On Sunday, the country inaugurated the Gabal El-Zeit wind farm, which is set to produce 800 GWh of power annually. The wind farm took 30 months and USD 257.8 million to come to fruition and now represents the region’s largest operational wind farm, according to Egypt’s Electricity and Renewable Energy Ministry.

In February of this year, Egypt and Russia announced they will be cooperating in building Egypt’s first nuclear power plant in El-Dabaa. In November, the Egyptian and Russian nuclear authorities officially signed the agreement for the 9,600-megawatt plant, for which construction is due to commence in 2016.

As a whole, Egypt seeks to source 20 percent of its energy needs from renewable sources by 2020.

British Ambassador in Egypt Announces 'Finalized Plan' to Resume Flights to Sharm El-Sheikh
Egypt's President Sisi Demands 'Just' Solution at Paris Climate Summit

Subscribe to our newsletter


News

More in News

Luxor’s Karnak Temple to be More Accessible for Special Needs Visitors

Egyptian StreetsApril 21, 2018

Egypt Faces 54 Billion Cubic Meters Water Shortage: Minister

Egyptian StreetsApril 21, 2018

Sudden Death of Swedish DJ Avicii Leaves Fans Sad, Shocked

Egyptian StreetsApril 21, 2018

Sudan Protests to United Nations Over Egyptian Voting in Disputed Area

Egyptian StreetsApril 19, 2018

300 Artifacts on Display at the Egyptian Museum for the First Time in Temporary Exhibition

Egyptian StreetsApril 19, 2018

Egypt’s Military Declares IS Leader is Killed in Sinai

Egyptian StreetsApril 18, 2018

102 Churches to be Legalised in Egypt

Egyptian StreetsApril 18, 2018

Egypt’s Unemployment Rate Drops to 11.8 Percent In 2017

Egyptian StreetsApril 16, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.