European development bank to provide loan for Egypt transmission scheme
The European Bank for Reconstruction & Development (EBRD) has agreed to provide a $200m loan to the Egyptian Electricity Transmission Company (EETC) to upgrade the country’s transmission network.
“The investment will help in reducing electricity losses, thus saving 77,000 tonnes of carbon dioxide emissions per year,” EBRD said in a statement.
The loan will be used to ensure the grid is able to handle the 1.4GW of new clean energy capacity that is being developed in the North African country.
Egypt is planning to meet 37 per cent of its energy needs from renewables by 2035, which will require significant investment in the country’s transmission and distribution networks to facilitate a stable supply of electricity to the country’s growing population.
Support from multilateral banks played a key part in the success of the second round of Egypt’s feed-in-tariff (FIT) programme, under which more than 1.4GW of solar energy is expected to be commissioned by the end of the first quarter of 2020.
Under the second round of the FIT programme, launched in October 2016, 30 projects secured financing from multilateral financial agencies
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