Infinity Solar Energy is an Egyptian renewable energy developer and ib vogt is a German solar developer. The funding will be used in the construction and operation of two solar projects, which will be located in Benban complex in Upper Egypt.
Upon completion, Benban complex is claimed to become one of the largest solar installations in the world with a planned capacity of 1.8GW.
EBRD power and energy utilities head Harry Boyd-Carpenter said: “We are delighted to welcome Infinity and ib vogt as new partners in this important project, which will significantly change the way that Egypt generates energy. The expansion of renewables is crucial not only for the environment, but also for the wider economy.
“It will create jobs, increase energy security and reduce the burden on the economy. The introduction of a regulatory framework that private investors can rely on will ensure that all this happens at sustainable cost and affordable prices.”
The project is part of the EBRD’s $500m framework, which was adopted earlier this year, for renewable energy in Egypt. The framework is targeted at developing develop Egypt’s potential in renewables and improve private sector involvement in the power and energy sector.
The solar projects are being developed as part of Egypt’s effort to shift its focus on developing clean and low-cost electricity to drive economic development.
Image: EBRD to forward $87m loan for solar project in Egypt. Photo: Courtesy of The European Bank for Reconstruction and Development.
