The Road to the SDGs

PURPOSE X The Government of Egypt launched a Feed-in Tariff (FiT) renewable energy programme in 2014 with the aim of attracting enough private investment to facilitate the development of 4,300 MW of wind and solar photovoltaic capacity in the country. X The Government also plans to: – Secure 20% of its electricity generation from renewable sources within the coming decade – Increase Egypt’s energy security by exploiting the country’s vast renewable energy potential – Improve the efficiency of its power sector – Reduce reliance on costly fossil fuel imports. METHOD X In 2017, the ICD approved a credit envelope of up to US$ 75 million to finance the construction and operation of new solar PV independent power projects being developed under the Egyptian FiT programme, in partnership with leading development finance institutions including the EBRD, the Green Climate Fund and the Dutch Development Bank (FMO). The Alfanar project X This project comprised the building of a 50 MW solar PV power plant in the Benban Solar Park in the Aswan province of Egypt, which is set to be one of the largest solar energy parks in the world. The total project was funded with equity and debt, with equity funding provided by the Alfanar company, a leading Saudi energy conglomerate active in the GCC region, and senior financing provided by the EBRD and the ICD. X The project is expected to abate up to 100,000 tons of CO 2 equivalent per annum, supporting Egypt’s emission reduction targets under the Paris Climate Agreement, as well as promoting sustainable energy development and private sector participation in the country’s energy landscape. Scatec Solar projects X Scatec Solar ASA (SSO) is a Norwegian company that develops, builds, owns, operates and maintains solar power plants globally. The company is developing six projects for the Egyptian FiT programme, in partnership with T he Islamic Corporation for the Development of the Private Sector (ICD) aims to support Egypt’s goal in achieving its emission reduction targets under the Paris Climate Agreement Supporting Egypt's clean energy projects This initiative demonstrates ICD's focus on the renewable energy space as well as an expanding cooperation with strategic international development finance institutions [ 56 ] SDGs