Egypt Renewable Feed-In-Tariff Framework (EBRD-48213)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 7, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Egypt
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 1,340.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 22, 2017

Disclosed by Bank May 13, 2016


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Project Description
The EBRD is considering providing loans to 10-15 individual private developers for a total amount of up to USD 500 million (EUR 455 million equivalent) to finance the construction and operation of renewable energy projects in Egypt under the feed-in-tariff programme (the "Subprojects"). The Subprojects currently proposed focus on the construction and operation of solar photovoltaic plants of 20-50 MW capacity in Egypt. The Subprojects will be developed under the programme implemented by the Egyptian government's feed-in tariff programme aimed at stimulating private investment in over 4 GW of wind and solar power (the "FiT Scheme") which is part of the government's target to secure 20% of electricity generation from renewable sources, in particular solar and wind, by 2020. This scheme aims to both increase Egypt's energy security and diversity by exploiting the country's vast renewable energy potential, and improve the environmental chacracteristics of its power sector by reducing emissions of local pollutants and CO2, as well as water consumption.The Subprojects will be among the first to be implemented under the FiT Scheme and will support Egypt in reaching its renewable energy targets and reducing its reliance on costly hydrocarbon imports.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information
COMPANY CONTACT INFORMATION Nefesa Hassan nefesa_hassan@hotmail.com +20 (2) 2271 3174 www.nrea.gov.eg New and Renewable Energy Authority Building, Abbas Al Akkad Street, Nasr City, Hay Al Zouhor Area, Cairo, Egypt ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.