The European Bank for Reconstruction and Development (EBRD) announced on 20 October that it is arranging a loan of up to $265 million for a 1.2-gigawatt solar plant in Minya, Egypt. According to the bank, it will be the largest solar power plant in Egypt and in Africa.
The plant will include a 600 MWh battery system that stores daytime output for use in the evening peak. Electricity will be sold to Egypt’s state transmission company under a 25-year agreement.
The EBRD says the project should avoid more than 1.5 million tonnes of CO2 a year and supply more than 1.4 million homes. Total debt financing, with other European development lenders, reaches $566 million.
The project also funds two green-skills training programmes for young job-seekers in Minya. It is part of Egypt’s wider plan to add 10 GW of renewable capacity and retire 5 GW of inefficient fossil-fuel plants.
