EBRD agrees €183m loan to boost EETC network
The EBRD has agreed a €182.9 million loan to the Egyptian Electricity Transmission Company (EETC) to strengthen the transmission network in the country. The funds will facilitate the integration of 1.3GW of new renewable energy into the Egyptian electricity system by connecting new renewable energy plants, with the help of new or refurbished high-voltage substations. In addition, the investment will help in reducing electricity losses, saving 77,000 tonnes of CO2 emissions per year.
The EBRD will also assist EETC and the electricity regulator in designing and structuring a regulatory framework for private-to-private projects, developing a new channel for the growth of the private renewable sector, which will further improve the sector’s competitiveness.
This project is also supported by the EBRD’s Southern and Eastern Mediterranean Multi-Donor Account (Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Taipei China and the United Kingdom) and is expected to be supported by the European Union through a €20 million grant.
