Egypt's Elsewedy safeguards USD 150m for solar projects

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

The lending will certainly allow Elsewedy to finance infrastructure projects which generally cover the growth and procurement of solar projects along with capex maintenance as well as improvement plans for production facilities, the Cairo-based business said on Tuesday.

The fresh funding will certainly help the business achieve its expansion as well as growth plans according to Egypt's and also IFC's approach to support sustainable and also clean energy projects. The financial investment will sustain Elsewedy to lower greater than 60,000 tonnes of co2 yearly through solar plants and improved power performance in its manufacturing facilities.

Elsewedy will pay back the financing to IFC, which belongs to the World Bank Group, within 7 years.

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