The executive board of the European Bank for Reconstruction and Development (EBRD) approved providing a $205m fund for 9 solar plants in Egypt, reported Al Borsa.
EBRD was studying the funding requests of 16 projects that are being processed under the terms of the second phase of the feed-in tariff (FiT) program. The submitted funding requests were amounted at $375m. However, the bank approved just 9 projects and delayed voting over 7 projects until they have a final review in the coming period.
The executive board approved financing six projects for Scatec Company by $120m, two projects for Access and EREN by $58m, and one project for EDF Energy by $27m.
EBRD’s execute board will further vote on a $170m fund for seven projects owned by Acwa Power, Infinity, Alpha Solar, and El Sewedy.
In addition, Philadelphia Company’s Project Manager, Ahmed Ayad, stated that the company agreed with EBRD over a funding for a solar power plant with capacity 50MW and total investments of $9m. The project is in cooperation with Scatec and will be processed under the terms of the second phase of the FiT program.