November 27 (Renewables Now) – The European Bank for Reconstruction and Development (EBRD) has agreed to provide a EUR-182.9-million (USD 201.3m) loan to the Egyptian Electricity Transmission Company (EETC) for power grid upgrades that will allow the integration of more renewable energy in Egypt.
Thanks to the EBRD funds, Egypt will be able to feed 1.3 GW of new renewables into the grid by connecting the power plants via newly-built or refurbished high-voltage substations, the lender said Tuesday. The strengthened infrastructure will help the country reduce electricity losses, which will result in annual savings of 77,000 tonnes of carbon dioxide (CO2) emissions.
The EBRD said it would also support efforts by EETC and Egypt’s electricity regulator to design and structure a regulatory framework for private-to-private projects to enable growth and competitiveness in the renewables sector. This initiative enjoys the support of the EBRD’s multi-donor fund for Southern and Eastern Mediterranean (SEMED) and is expected to receive a EUR-20-million grant from the European Union.
(EUR 1.0 = USD 1.101)