TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary, receives $5.5 million from The European Bank for Reconstruction and Development (EBRD) as part of EBRD aiming to promote the expansion of renewable energy in Egypt.

The new funding is divided into a $4.95 million loan from the EBRD and a $550k concessional loan from the Global Environment Facility (GEF) to finance the construction and operation of a 7 MWp solar photovoltaic (PV) project in El Minya.

This investment follows an initial $4.2 million loan in December 2020 to finance the construction and operation of a 6 MWp solar PV power plant at Dina Farms which enables the dairy farm to use clean energy for some of its energy consumption.

“This project confirms TAQA PV Arabia’s ability to provide the latest sustainable solutions to a large base of private-sector companies, such as ACCM. The new plant will contribute to ACCM’s efforts to maximize the opportunities of using renewable energy resources, reducing its total annual electric power consumption by 16%. It gives us great pride to extend our partnership with the EBRD, a development finance institution that focuses on promoting private-to-private, green, sustainable energy projects aimed at developing society and providing a better quality of life,” Pakinam Kafafi, CEO of TAQA Arabia, said. 

TAQA Arabia recently launched a 20 MW solar plant in Sharm El Sheikh with investments worth EGP 250 million.