EBRD Supports Solar Panels Projects in Egypt

The European Bank for Reconstruction and Development (EBRD) announced on Tuesday, that it helped SolarizEgypt through the bank’s green economy financing facility (GEFF). According to EBRD, SolarizEgypt’s first impactful project was materialised when the company received assistance in implementing the installation of a rooftop PV system for the Coca Cola Company.

Moreover, the GEFF in Egypt supported over 40 businesses in around 80 projects implemented in sectors such astextiles, ceramics, printing, agribusiness and packaging.

Meanwhile, SolarizEgypt became an independent power producer (IPP) based in Egypt, selling electricity to the private sector under the net metering scheme with a 25-year guarantee on the installed PV systems. The company provides recommendations on the best solar energy systems for clients with designs that ensure maximum output, in addition to ongoing monitoring and maintenance.

According to EBRD report, the project was financed by a mix of equity and debt through the QNB Al Ahli Bank and the GEFF in order to reduce debt costs, as this project was the first of its kind to be executed under such an arrangement in Egypt.

On other hand, SolarizEgypt implemented seven PV system projects with GEFF in different areas in the country, helping to save over 88,000 MWh of energy equivalent to the annual GHG emissions of over 13,000 cars and reducing CO2 emissions.