Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.

Publish Date : 07-Sep-2017

The African Development Bank (AfDB) has sanctioned three senior loans worth a total of $55 million to fund three solar PV Projects under Round II of the Feed-in-Tariff (FiT) Programme in Egypt.

Alcazar Energy Egypt Solar 1 (Alcazar I), Delta for Renewable Energy (Delta) and Shapoorji Pallonji Energy Egypt (SP), are the three independent power generators that will benefit from the loans for a tenor of 18 years.

Alcazar I and Delta will receive a loan of $18 million each. The $19 million loan to SPEE also comprises a $7 million concessional funding from the Global Environment Fund (GEF).

The GEF funding is mobilised within the framework of the AfDB-PPP Public-Private Partnership Program, which the GEF approved for implementation by the AfDB to promote the scaling up of renewable power technologies and help deliver universal power supply in African countries.

The Project is in line with the GEF6 environment change mitigation focal area promote innovation, technology transfer, and supportive policies and strategies.

The GEF investment would help reduce 61,000 tons of CO2 annually.

Vice President for Power, Energy, Climate Change and Green Growth Complex (PEVP) Amadou Hott stated: The three Projects will increase Egypts power generation capacity, diversify its energy mix, enable significant fuel savings and reduce carbon emissions to the tune of 4.8 million metric tons over the PPAs 25-year term."

Go to previous page