The European Bank for Reconstruction and Development (EBRD) has announced the installation of Egypt‘s first private power purchase agreement (PPA)-driven solar rooftop.
Installer Solarizegypt has connected a 1 MW rooftop array in Sadat City for Coca Cola and will sell the electricity generated to the soft drinks giant under Egypt's net-metering rules, which guarantee payments for 25 years.
London-based development lender the EBRD announced the installation to publicize its role in helping Solarizegypt raise finance for the project, which was also backed by Qatari-owned bank QNB Al Ahli.
The EBRD did not publicize financial details for the project in Monday's press release but indicated the installation was supported by the Green Economy Finance Facility Egypt, which it developed with the backing of EU lender the European Investment Bank and French development agency Agence Française de Développement.
Technical support from the EBRD helped harmonize the project with the requirements of QNB Al Ahli.
The London-based EBRD said it has worked with Solarizegypt on seven PV projects in Egypt and freeing up finance for the Coca Cola private PPA project has enabled the Egyptian installer to ramp up business into a 14 MW pipeline to be completed this year.
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