Wednesday, August 10 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Aug 08
Week of Aug 01
Week of Jul 25
Week of Jul 18
Week of Jul 11
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Egypt's Elsewedy secures USD 150m for solar projects

    June 30, 2022 - SeeNews Renewables


      June 30 (Renewables Now) - Egyptian energy solutions provider Elsewedy Electric S.A.E (EGX: SWDY.CA) has secured a USD-150-million (EUR 142.62m) loan from the International Finance Corporation (IFC) to fund new solar projects and improve the energy efficiency at its existing manufacturing facilities.

      The loan will enable Elsewedy to finance infrastructure projects which mainly cover the development and acquisition of solar projects as well as capex maintenance and improvement plans for production facilities, the Cairo-based company said on Tuesday.

      The fresh capital will help the company achieve its expansion and growth plans in line with Egypt's and IFC's strategy to support sustainable and clean energy projects. The investment will support Elsewedy to reduce more than 60,000 tonnes of carbon dioxide annually through solar plants and improved energy efficiency in its factories.

      Elsewedy will repay the loan to IFC, which is a member of the World Bank Group, within seven years.

      Elsewedy Electric's renewables unit has worked on projects such as a 130-MWp solar plant in Benban, Aswan, which was built jointly with France's EFD Renewables, and a hybrid solar photovoltaic (PV) plant in Juba, South Sudan. In the first quarter of 2022, the unit generated EGP 102 million (USD 5.42m/EUR 5.2m) in revenues.

      (USD 1 = EUR 0.951)

      (EGP 1.0 = USD 0.053/EUR 0.051)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.