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TAQA Arabia’s unit receives $5.5M loan from EBRD, GEF

TAQA Arabia’s unit receives $5.5M loan from EBRD, GEF

Arab Finance: TAQA PV, a subsidiary of TAQA Arabia, has secured $5.5 million in financing from the European Bank for Reconstruction and Development (EBRD) to finance the construction and operation of a 7-megawatt peak (MWp) solar photovoltaic (PV) project in El Minya, according to a press release on November 8th.

The financing includes a $4.95 million loan from the EBRD and a $550,000 concessional loan from the Global Environment Facility (GEF).

The project will sell all of its electrical output to ASCOM Carbonate and Chemical Manufacturing (ACCM) under a 25-year power purchase agreement.

“Supporting the growing private-to-private segment of renewable energy is critical to accelerating the decarbonization of the economy and fostering green supply chains in Egypt and across the African continent,” Managing Director of the EBRD’s Sustainable Infrastructure Group Nandita Parshad said.

“The new plant will contribute to ACCM’s efforts to maximize the opportunities of using renewable energy resources, reducing its total annual electric power consumption by 16%,” CEO of TAQA Arabia Pakinam Kafafi noted.

 

 

 

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