EBRD and TAQA Arabia promote private-to-private renewable energy in Egypt

The European Bank for Reconstruction and Development (EBRD) is supporting one of the first green private-to-private projects in Egypt, with an initial $4.2 million loan to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary. 

The loan - part of a financing package of up to $10 million to expand TAQA Arabia’s private-to-private renewable energy business - will finance the construction and operation of a 6MWp solar photovoltaic power plant at Dina Farms, in the Beheira governorate. 

This plant will enable Dina Farms, the largest dairy farm in Africa, to cover part of its energy consumption with clean energy. TAQA PV for Solar Energy will sell all of its generated energy to Dina Farms under a 25-year power purchase agreement.

The plant is the first private-to-private renewable energy project financed by the EBRD in Egypt involving direct electricity supply from a privately owned generator to a private off-taker through a corporate PPA. 

This is the EBRD’s first project in Egypt under the Southern and Eastern Mediterranean Private Renewable Energy Framework, which supports the development and financing of innovative business models and to mobilise private finance for renewable energy projects in the SEMED region.