China-led AIIB to provide $210 million boost to Egypt’s renewables sector

Egypt’s renewable energy industry has been handed a boost by the news that the Asian Infrastructure Investment Bank (AIIB) has made up to US$210 million in debt financing available for project development.

The AIIB, which is headquartered in Beijing, said the financing package would contribute towards 11 solar power plants with a combined capacity of 490MW, which will help the North African nation meet its pledges under the Paris Climate agreement.

D.J. Pandian, the AIIB’s vice president and chief investment officer, said: “Investing in clean, renewable energy is a big part of our strategy to promote a sustainable and low-carbon future for Asia.

“We are supporting this project because it contributes to Egypt’s renewable energy capacity, and it will help position the country as a regional energy hub, which will have economic benefits for the entire region.”

Egypt possesses huge potential for renewable energy development with an abundance of land, sunny weather and high wind speeds, and intends to have 20% of its electricity generation from renewable sources by 2022.