The European Bank for Reconstruction and Development (EBRD) and Proparco grant Egypt a loan worth USD 116 mn to build two power plants, Invest-Gate reports.

The two institutions committed USD 58 mn each for the construction and operation of two 50 MW solar photovoltaic power plants.

As part of the planned 1.8 GW Benban solar complex in Aswan province, these are the first two projects to be financed under the second round of Egypt’s feed-in tariff scheme for renewable energy.

The new facilities will be constructed, operated, and owned by two Egyptian subsidiaries of the French company EREN Renewable Energy and Dubai-based developer Access Power.