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Aswan Solar 21: a new solar power plant added to Egypt's photovoltaic complex in Benban
Project
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Signature date
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Location
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Egypt
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Financing tool
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Financing amount (Euro)
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23856919
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Financing details
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Total loan of USD 27,764,682, including a 50% AFD subparticipation i) USD 26,934,682 for the main facility ii) USD 830,000 for the standby facility
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Customer
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Aswan Solar 21
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Type of customer
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Financial institution
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Project number
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PEG1033
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Environmental and social ranking
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A
The project comprises the construction and management of a 50 MW solar power plant, integrated into the photovoltaic complex in Benban in Upper Egypt.
Client presentation
Aswan Solar 21 is an SPV sponsored by the groups Elsewedy (Egypt) and EDF Energies Nouvelles (France).
Project description
Aswan Solar 21 is a project to build and operate a 50 MW solar power plant under the XXL program in Benban (total maximum capacity of 1.8 GW), in southern Egypt. The project will benefit from a 25-year power purchase agreement (PPA) and a feed-in tariff of US$c 7.12/kWh by the distribution company EETC (Egyptian Electricity Transmission Company). The project is being financed 75:25 in debt and equity, with the debt covered 50:50 between PROPARCO and EBRD. PROPARCO’s contribution benefits from a 50% AFD subparticipation.
Project impact
The power plant will produce 138 GWh of low-carbon electricity a year. It will reduce CO2 emissions by 58,800 tons every year. The project will improve the quality and security of electricity supply in the country. Finally, the project will help create or maintain over 4,000 jobs across Egypt's economy as a whole and should contribute EUR 28m to national GDP during the project life cycle.