The facility is planned to improve liquidity of developers of renewable energy projects up to 50 MW across Africa.
The funds will be used by local state-owned utility STEG to support the deployment of 85 MW of new residential PV capacity across the Northern African country.
The African development bank (AFDB) and the Green Climate Fund (GCF) have entered what is described in a press release by the AFDB as a “full-scale” partnership, with the long-term goal of unlocking Africa’s renewable energies potential.
The renewable energy arm of the French utility and the Egyptian manufacturing company will build the PV facility at the Benban solar company.
Norwegian project developer Scatec Solar has announced financial close on six projects totaling 400 MW, to be built as part of the enormous 1.8 GW Benban Solar Park located in upper Egypt.
The European Bank of Reconstruction and Development has identified 16 new solar projects in Egypt with a cumulative capacity of 750 MW to receive financing, while International Finance Corp will support development of a further 13 solar parks.
The Spanish company will build three PV plants in a 50/50 joint venture with Saudi developer Swicorp. The facilities will sell power to local utility EETC under a 25-year PPA.
Dr. Sam Duby, Africa Director for TFE Consulting, sat down with PV Magazine to discuss insights from TFE’s new report “Kenya: The World’s Microgrid Lab”, the importance of on-the-ground experience in energy access projects, and how tech and social innovation in Africa will be the headline of the next decade.