Parliament approves $50m EBRD loan for SOPC’s energy efficiency improvement
The House of Representatives has ratified an additional $50m financing agreement for the Suez Oil Processing Company’s (SOPC) Energy Efficiency Improvement Program. The agreement was signed between the Ministry of International Cooperation, acting on behalf of the Egyptian government, and the European Bank for Reconstruction and Development (EBRD). The agreement aims to raise energy efficiency […]
Lekela starts construction of 250 MW West Bakr wind farm in Ras Ghareb, Egypt
Work has now started on the West Bakr wind project site in Ras Ghareb, Egypt. The 250 MW project is being developed by Lekela, an Independent Power Producer (IPP). Construction of the West Bakr wind project is currently underway. Work has recently been launched at a ceremony attended by several Egyptian officials, including the Minister […]
Suez Oil Refinery in Egypt lent $50 million for energy efficiency upgrades
A London-based bank is supporting the modernisation of Egypt’s oil industry with a $50 million (£39m) loan to support energy efficiency investments at a refinery. Suez Oil Processing Company (SOPC) will use the grant from the European Bank for Reconstruction and Development (EBRD) to improve its refinery’s operational efficiency and introduce cleaner fuel. The measures […]
New EBRD video introduces Benban, the world’s largest solar project
The $4 billion Benban solar power park is complete. Built over the course of more than two years, all the plots at Africa’s largest solar park are now operational, the European Bank for Reconstruction and Development (EBRD) said yesterday. The EBRD, the project’s largest financial backers, produced a video showing the “modern-day miracle” from space, […]
EBRD could invest $60 million in Infinity Solar’s renewable energy projects
The European Bank for Reconstruction and Development (EBRD) could invest USD 60 million in Infinity Solar to develop new renewable energy projects, it said in a statement. The bank plans to invest in electricity distribution infrastructure and EV charging stations, in addition to either new solar plants or onshore wind facilities. “The project is in […]
KarmSolar signs EGP 230 million loan agreement with Banque Misr
KarmSolar has signed a EGP 230 mn loan agreement with Banque Misr to build 24 MW solar power plants, CEO Ahmed Zahran told the local press. Zahran did not say how many plants the company will establish with the money. KarmSolar is also in talks with five local and international banks for a EGP 1 […]
EBRD provides $252 million loan for 250 MW wind farm in Gulf of Suez
EBRD, IFC and OPIC providing US$ 252 million loan to a project company owned by Lekela Power BV Funds will finance 250MW wind farm in the Gulf of Suez Clean energy expected to reduce CO2 emissions by 550,000 tons per year The European Bank for Reconstruction and Development (EBRD) is stepping up its support for […]
KarmSolar, EBRD sign mandate for financing 10MW solar station in Egypt
KarmSolar, EBRD sign mandate letter for financing 10MW solar station under Power Purchase Agreement for Egyptian private off taker. KarmSolar and the European Bank for Reconstruction and Development (EBRD) signed a mandate letter today through which the EBRD will study the financing of a 10MWs solar station of KarmSolar’s Power Purchase Agreements with one of […]
Egypt receives two bids under $0.03/kWh for 200 MW Kom Ombo solar project
The lowest bid was submitted by Spanish developer Fotowatio, which offered US$0.02791 per kWh. Slightly higher, at $0.02799 per kWh, was the offer of Saudi power company, ACWA. The Egyptian Electricity Transmission Company (EETC) will review six bids for the 200 MW Kom Ombo solar PV project in Egypt, according to a press release issued […]
EBRD finances upgrade of Egypt’s Suez oil refinery
The European Bank for Reconstruction & Development (EBRD) is providing a $200-million loan to state-owned Egyptian General Petroleum Corp. subsidiary Suez Oil Processing Co. (SOPC) for the upgrade of its 68,000-b/d refinery adjacent to Suez, Egypt, at the entrance of the Suez Canal. ERBD funds will finance investments to modernize the refinery with technical updates […]
