Page 9 - AfrElec Week 16 2022

AfrElec RENEWABLES AfrElec

Germany to provide €65mn

of financing for Egyptian

green projects

EGYPT GERMANY is to provide €65mn of soft financ- forward renewables.
ing to support hydro and solar expansion in Renewable energy has broken through the
Egypt as part of Cairo’s plans to expand its 20% threshold in Egypt, reaching 6,128MW in
renewables sector. February, including 1.4GW from the Benban
Egyptian Minister of International Cooper- Solar Complex. Over 50% of this capacity, or
ation Rania Al-Mashat and director of the Ger- 3,500MW, is owned and operated by the private
man KfW Development Bank in Egypt Bernd sector.
Siegfried on April 20 signed a financing agree- Siegfried said that the three hydro stations in
ment worth €26mn for phase 2 of Cairo’s project Aswan have a combined energy output of about
to rehabilitate hydropower plants on the River 2,650 MW, benefiting 7.5mn people.
Nile at Aswan. KfW’s development portfolio in Egypt, now
The project involves replacing and renewing €1.1bn, aims to achieve the UN’s Sustainable
power transformers at water stations, maintain- Development Goals (SDGs) including energy,
ing operational efficiency, and increasing eco- sanitation, water, irrigation, solid waste man-
nomic competitiveness. agement, technical education, and vocational
The bank also extended €39mn in financing training.
for Egypt’s solar power plant in Zaafarana, where Siegfried said that the project serves the irri-
a power station will be established using 50-MW gation systems in the governorate by regulating
photovoltaic cells. the flow of water and increasing protection from
During the signing ceremony, Al-Mashat floods, explaining that the power transformers
stressed the importance of international partner- will be replaced to ensure maximum utilisation
ships in mitigating the repercussions of climate of sustainable hydroelectric power supply in
change. Egypt.
Al-Mashat also emphasised the government’s Through the KfW Development Bank, he
commitment to strengthening economic coop- added, Germany is committed to supporting the
eration with multilateral and bilateral develop- rehabilitation of infrastructure by developing the
ment partners to advance development efforts, energy sector and expanding renewable energy
further stimulate private sector participation, projects, such as wind, solar, and hydropower.
meet challenges to sustainable development, Egypt currently has 50,000 MW of installed
especially climate challenges, and promote inno- capacity. This includes 2,400 MW of hydro, 1,000
vative financing to achieve inclusive and sustain- MW of wind and 170 MW of solar.
able growth. Alongside renewables, Egypt is also develop-
Egypt is set to hold the COP27 Presidency ing 4,800 MW of nuclear power together with
from November and is making efforts to push Russia at El Dabaa.™

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