8 November 2017
Europe Arab Bank participates in funding six solar power projects in Egypt’s Benban complex
Europe Arab Bank (EAB) has taken another step towards supporting development of sustainable energy by participating in financing the Egyptian government’s feed-in tariff scheme. The overall programme includes construction and operation of 41 solar photovoltaic (PV) power plants that make up the Benban Solar Park in Egypt's Aswan Province. The new plants, with a total capacity of 1.8GW, are set to become the largest solar site across the Middle East and North Africa.
EAB has signed commitments of USD 30 million B loan arranged by the International Finance Corporation to fund 6 projects, principally supporting Italian and Spanish developers, thus fulfilling EAB’s stated objective to be a financial bridge between Europe and MENA.
The Government of Egypt and the Ministry of Electricity and Renewable Energy have set a target of achieving 20 per cent of Egypt's energy generation from renewable sources by 2022. To achieve this, Egypt has introduced an overarching regulatory framework that they estimate will reduce CO2 emissions by approximately 150,000 tons annually and will help the economic development.
Gavin Greenway, Relationship Director CIB, said: "Europe Arab Bank is proud to be at the forefront of new green energy generation and finding suitable alternatives to costly and CO2 emitting energy sources. EAB looks forward to supporting sustainable energy projects in years to come.”