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ECSED: A new solar power plant within the photovoltaic complex in Benban in Egypt
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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EGYPTIAN COMPANY FOR SOLAR ENERGY DEVELOPMENT (ECSED)
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Type of customer
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Company
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Country of headquarters
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Egypt
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Project number
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PEG1035
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Environmental and social ranking
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A
This new 50 MW solar power plant is part of the 5 projects supported by PROPARCO. Through this financing, PROPARCO is contributing to reducing tons of CO2 emissions and to supporting job creation.
Client presentation
Egyptian Company for Solar Energy Development (ECSED) is an SPV sponsored by the groups Elsewedy (Egypt) and EDF Energies Nouvelles (France).
Project description
ECSED 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 128 GWh of low-carbon electricity a year. It will reduce CO2 emissions by 61,000 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 1,800 jobs across Egypt's economy as a whole and should contribute EUR 22m to national GDP during the project life cycle.