The European Bank for Reconstruction and Development (EBRD) and the German development finance institution DEG announced a joint financing package of up to US$ 127 million for the construction of a solar power plant equipped with a battery energy storage system at Benban complex in Aswan.
The EBRD’s share of the financing amounts to $ 63.5 million, with DEG providing the remainder, bringing the total value to $127 million.
The project aims to enhance Egypt’s clean energy production capacity and support the stability of the national electricity grid by storing solar energy generated during the day for use during evening peak hours.
This contributes to reducing reliance on conventional fuels and lowering carbon emissions.
One of the largest solar energy complexes
The Benban Solar Park in Aswan is one of the largest solar energy complexes in the world and stands as a key project within Egypt’s strategy to transition toward renewable energy, with the goal of increasing its share in the national energy mix to 42 percent by 2030.
This new funding comes as part of international institutions’ support for green finance in Egypt, aimed at strengthening public-private partnerships in sustainable infrastructure projects and attracting further foreign investment into the renewable energy sector.
The project is expected to create job opportunities during both the construction and operational phases, support national efforts to meet the growing demand for electricity—particularly in the governorates of Upper Egypt—and enhance the efficiency with which the abundant solar resources in Aswan are utilized.
