Egyptian Banks Show Interest In Financing 100 MW Solar Stations For Agricultural Use

Egypt is committed to increasing its solar and wind energy production to 6.8 gigawatts within a year, with 1.6 GW from wind power and 1.9 GW from solar power plants.

In support of this, three local banks, including QNB Al Ahly, Agricultural Bank of Egypt, and HSBC, expressed their intent to finance two 100-megawatt solar stations in the New Valley Governorate. These stations will serve the Egyptian Smart Engineering Solutions (SES) and the German company Freneil.

The total investment cost is estimated at $500 million, with 70% expected to come from external sources for importing station supplies and the rest secured from local banks.

The project’s financial closure is anticipated within two months, and construction is set to be completed within two years. Solar concentrators will be used in these stations, focusing sunlight on brine-filled pipes, raising their temperature to 600 degrees Celsius to operate power station turbines.

The New Valley Governorate has provided the project lands, and a new company with the German partner Fresnel is being established to oversee the project’s implementation.