OeEB contributes USD 10 million to a long-term credit line arranged by IFC for the construction and operation of a 50 MW photovoltaic power plant in Egypt.
Economic growth, industrialization and a rapidly growing population have made Egypt the country with the highest energy consumption in Northern Africa. The country's electricity production capacity has not been able to keep up with the growing energy demand, resulting in frequent power outages. Although the country has a big renewable energy potential – especially for solar and wind power – it has so far remained largely unexploited.
The 50 MW photovoltaic power plant co-financed by OeEB will be located in Benban Solar Park in the South of Egypt, near Aswan, and supports the government's aim to sustainably improve energy supply and reduce dependence on fossil fuels by mobilizing the country's promising renewable energy potential.