EBRD supported very first private PPA in Egypt
- With the help of the EBRD's Green Economy Financing Facility (GEFF) in Egypt, which is sustained by the European Union, Egyptian solar firm SolarizEgypt applied the first roof photovoltaic system with a private-to-private power acquisition contract (PPA) in the country.
The GEFF's support offered the company with the opportunity to get finance from the QNB Al Ahli Bank, among GEFF's companion banks.
Although the 1 MW PV system is installed at the Coca Cola's Sadat City center, SolarizEgypt preserves its ownership and markets the electrical power created to power the factory. SolarizEgypt therefore, ended up being an independent power producer (IPP) based in Egypt, selling power to the economic sector under the net metering plan with a 25-year warranty on the installed PV systems.
The project was funded by a mix of equity as well as financial debt with the QNB Al Ahli Bank and also the GEFF in order to minimize financial obligation prices, as this project was the first of its kind to be implemented under such a setup in Egypt. SolarizEgypt additionally got the first net metering permit in the country under the newly-established laws. The PV plant offered Coca Cola access to less costly electrical energy and also with zero financial investment upfront, in addition to considerable economic and ecological advantages consisting of electrical energy cost savings and the creation of 15 sustainable jobs preserving the PV systems for the next 25 years.
The success of the project meant the business led the way for the marketplace to reproduce this new version. SolarizEgypt was able to raise its organization expectation, with over 14 MW of PV to be set up by the end of 2020. To day, SolarizEgypt has carried out seven PV system projects with GEFF assistance in various locations in the country.
