{"id":17040,"date":"2017-09-06T13:32:06","date_gmt":"2017-09-06T12:32:06","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=17040"},"modified":"2017-09-06T13:32:06","modified_gmt":"2017-09-06T12:32:06","slug":"afdb-approves-55m-solar-projects","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/afdb-approves-55m-solar-projects\/","title":{"rendered":"AfDB approves $55m for solar projects"},"content":{"rendered":"

The Board of Directors of the African Development Bank (AfDB) Group has approved three senior loans for a total amount of $55 million to finance three solar PV Projects under the second Round of the Feed-in-Tariff (FiT) Programme in Egypt.<\/p>\n

Alcazar Energy Egypt Solar 1 (Alcazar I), Delta for Renewable Energy (Delta) and Shapoorji Pallonji Energy Egypt (SP), are the three independent power producers benefiting from the loans for a tenor of eighteen years. Alcazar I and Delta will be extended a loan of $18 million each. The $19 million loan to SPEE also includes a $7 million concessional financing from the Global Environment Fund (GEF).<\/p>\n

The GEF financing is mobilised within the framework of the \u201cAfDB-PPP Public-Private Partnership Program,\u201d which was approved by the GEF for implementation by the AfDB to promote the scaling up of renewable energy technologies and contribute to the delivery of universal power supply in Africa. The Project is aligned with the GEF6 climate change mitigation focal area \u2013 promote innovation, technology transfer, and supportive policies and strategies. It is estimated that the GEF investment will enable the reduction of 61,000 tons of CO2 per year.<\/p>\n

Egypt has one of the best solar resources in the world, with daily sunshine averaging 9-11 hours, low humidity, and global horizontal irradiation of around 2230-2330 kilowatt-hour (\u201ckWh\u201d)\/m2 per year.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

In order to meet the increasing energy demand, diversify the energy mix, and improve the environmental and climate footprint of the power sector, Egypt has developed an overarching regulatory framework for the development of renewable energy capacity with the aim of securing 20 per cent of its energy generation from renewable sources by 2022. In September 2014, Egypt launched a FiT Program for a total of 4,300MW including 2,300MW of solar PV.<\/p>\n

Under the aegis of the New Deal on Energy and in line with its key High 5s on Power & Light Up Africa, the AfDB Board approved the financing of three projects with a total installed capacity of 150MW being developed by two sponsors, Alcazar Energy Partners (2x50MW) and Shapoorji Pallonji (50MW). All three projects are located at the same site, on unoccupied desert land in Benban, 40 km north of Aswan. They will utilise a common grid connection funded jointly with other developers under a Cost Sharing Agreement with the Egyptian Electricity Transmission Company (EETC). With a financial close expected by 28 October 2017, the plants shall be operational by the end of 2018.<\/p>\n

Commenting on the project, Vice President for Power, Energy, Climate Change and Green Growth Complex (PEVP) Amadou Hott said: \u201cThe three Projects will increase Egypt\u2019s 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 PPA\u2019s 25-year term.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Board of Directors of the African Development Bank (AfDB) Group has approved three senior loans for a total amount of $55 million to finance three solar PV Projects under the second Round of the Feed-in-Tariff (FiT) Programme in Egypt. Alcazar Energy Egypt Solar 1 (Alcazar I), Delta for Renewable Energy (Delta) and Shapoorji Pallonji …<\/p>\n","protected":false},"author":6,"featured_media":17041,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[682],"coauthors":[2391],"class_list":["post-17040","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-afdb"],"yoast_head":"\nAfDB approves $55m for solar projects - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/afdb-approves-55m-solar-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB approves $55m for solar projects - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Board of Directors of the African Development Bank (AfDB) Group has approved three senior loans for a total amount of $55 million to finance three solar PV Projects under the second Round of the Feed-in-Tariff (FiT) Programme in Egypt. 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