Egypt to build MENA's largest wind farm in the Gulf of Suez
In an effort to boost renewable energy in Egypt and establish Egypt as a leading player in environmental development, the Ministry of Electricity and Renewable Energy initiated a 5 billion pounds project to build the largest wind farm in the Middle East, located in the Gulf of Suez, funding the project through investments of several […]
Eni to launch 50 MW solar power plant in Egypt with $50m investment
Eni invited contractors to bid their offers for the plant. Italian oil major Eni on Sunday unveiled plans to launch a 50-megawatt (MW) solar power plant in Abu Rudeis City in the Red Sea governorate, with total investments of $50 million. During the last couple of days, Egypt’s Electricity and Renewable Energy Ministry held a […]
Egypt's EFG Hermes targets managing renewable energy projects
Egyptian investment bank EFG Hermes aims to manage renewable energy projects totaling 400-500 megawatts in the north African country in the coming three years, said the bank’s energy head Bakr Abdel Wahab. EFG Hermes, one of the largest investment banks in the Middle East, is currently active in the renewable energy sector in Europe through […]
BMI Research: Clouds breaking in Egypt's Solar Sector
BMI: Egypt’s solar industry outlook brightens as competition brings prices down. Research firm says Egypt is investing heavily in energy generation as population booms. Egypt’s solar industry is becoming more attractive amid falling solar costs and intensified competition that will boost growth of utilities and energy in the Arab world’s most populous nation, according to […]
The latest on Egypt’s burgeoning renewable energy sector
Egypt’s renewable energy sector under the second feed-in tariff program has been on a tear in the past couple of weeks. Herewith, a roundup of recent developments, including news yesterday and overnight (background here, here and here): International institutional interest in solar helps 30 companies close on power plants: The International Finance Corporation has been […]
BPE Partners, Infinity Solar invest $190m in 130 MW Benban solar plants
BPE Partners (formerly Beltone Private Equity), the Egypt-based Egypt-focused private equity manager, jointly with Infinity Solar Energy SAE “Infinity”, an Egyptian renewable energy developer, and Ib Vogt GmbH, an international solar developer established in Germany, have successfully reached financial closure of three solar power plants located in Benban, Egypt for a total capacity of 130MW. […]
Engie-Orascom-Toyota win contract for 250 MW wind farm in Ras Gharib
ENGIE wins renewable energy project in Egypt and will develop a 250 MW wind power park. ENGIE has signed a contract to build, own and operate (BOO) a 250 MW wind farm together with its consortium partners Toyota Tsusho Corporation/Eurus Energy Holdings Corporation (40%) and Orascom Construction Limited (20%). The wind farm will be located […]
A New Solar Park Shines a Light on Egypt’s Energy Potential
This story is part of a series on IFC’s work to help create markets that give new opportunities to people in developing countries. These innovative approaches have helped solve some of the largest problems in countries or, sometimes, entire regions. By Andrew Raven, IFC Communications Few places are as barren as Egypt’s Western Desert. Save […]
Egypt signs $653 million funding deal with IFC for Benban solar park
IFC-Led Consortium Invests $653 Million to Support the World’s Largest Solar Park in Egypt. IFC, a member of the World Bank Group, today finalized a landmark $653 million debt package that will finance the construction of 13 solar power plants near the Egyptian city of Aswan. The plants will be part of the larger Benban […]
EBRD, Proparco commit $116 million to finance Benban solar power plants
EBRD and Proparco sign first projects under Egypt Renewable Energy Framework. The two institutions have committed US$ 58 million each for two 50 MW solar photovoltaic power plants. Egypt has taken a major step forward in its use of renewable energy sources with the support of the European Bank for Reconstruction and Development (EBRD) and […]