Egypt's Elsewedy safeguards USD 150m for solar projects

• Egyptian energy remedies provider Elsewedy Electric S.A.E (EGX: SWDY.CA) has safeguarded a USD-150-million (EUR 142.62 m) financing from the International Finance Corporation (IFC) to fund brand-new solar projects and improve the power efficiency at its existing manufacturing centers.

The funding will certainly make it possible for Elsewedy to finance facilities projects which primarily cover the development and also procurement of solar projects in addition to capex maintenance and also improvement prepare for production facilities, the Cairo-based firm stated on Tuesday.

The fresh capital will certainly assist the business accomplish its development and also development plans in line with Egypt's and also IFC's method to sustain sustainable as well as tidy energy projects. The investment will certainly sustain Elsewedy to minimize more than 60,000 tonnes of co2 yearly through solar plants and enhanced energy performance in its manufacturing facilities.

Elsewedy will certainly repay the finance to IFC, which belongs to the World Bank Group, within seven years.

Elsewedy Electric's renewables unit has actually worked with projects such as a 130-MWp solar plant in Benban, Aswan, which was developed jointly with France's EFD Renewables, and a hybrid solar photovoltaic (PV) plant in Juba, South Sudan. In the initial quarter of 2022, the system produced EGP 102 million (USD 5.42 m/EUR 5.2 m) in profits.