EBRD loan to improve electricity transmission network in Egypt
Egypt: The European Bank for Reconstruction and Development (EBRD) has agreed to provide a $201 M (€182.9 M) loan to the Egyptian Electricity Transmission Company (EETC) to improve the country’s electricity transmission network.
EBRD’s funds will help EETC to integrate 1.3 GW of new renewable energy into Egypt’s electricity system by establishing a new connection from the new renewable energy plants using new or refurbished high-voltage substations.
Egypt is expected to see a sharp rise in the demand for electricity over the next decade. By expanding the electricity distribution and transmission network, the EETC project is expected to help the country in meeting its future electricity demands.
EBRD has also agreed to help and guide EETC and the electricity regulator in designing and developing a regulatory framework for the private-to-private projects.
It will also help in creating a new platform for the growth of the private renewable sector. The project is also expected to support Egypt government’s objective to generate 20 % of Egypt’s energy from renewable sources by 2022.
Source: Power Technology