Tuesday, July 20, 2010

Global Environment Facility approves $ 100 million loan to solar power station in Egypt

Sunday, 18 July 2010

The electricity and energy sector has obtained the approval of the Global Environment Facility (GEF) to receive a grant of $100 million to contribute to financing a 100-megawatt solar power station in Kom Ombo with total investments between $400 million and $500 million from the World Bank and the African Development Bank (ADB).

GEF is a global partnership among 178 countries, international institutions, non-governmental organizations (NGOs), and the private sector to address global environmental issues while supporting national sustainable development initiatives. It provides grants for projects related to six focal areas: biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants.

Minister of Electricity and Energy Hassan Younis said last week’s initial experiments to operate the first solar-thermal station in Egypt and Africa in al-Kuraimat were a success.

“The station is being enhanced gradually to increase its nominal capacity to 14 megawatt including 20 megawatt from the solar component,” said Younis in statements.

The minister pointed out that work is underway to complete projects with a combined voltage of 920 megawatt, being carried out by the ministry at investments of more than $2 billion, envisaging a 200-MW wind farm with Germany and another 220-MW farm with Japan.