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RaSolar: A 25 MW photovoltaic power plant in Egypt's solar power complex in Benban
Project
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Signature date
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Location
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Egypt
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Financing tool
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Financing amount (Euro)
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21381605
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Financing details
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Total loan of USD 24,887,119, including a 50% ICCF (Interact Climate Change Facility) subparticipation
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Customer
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RASOLAR
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Type of customer
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Company
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Country of headquarters
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Egypt
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Project number
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PEG1040
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Environmental and social ranking
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A
PROPARCO is supporting the construction of a 25 MW solar power plant as part of a solar power complex being developed in Benban, in the Aswan region. This projet is part of Egypt's guaranteed feed-in tariff (FiT) program.
Client presentation
RaSolar is an SPV sponsored by Voltalia Group (France).
Project description
RaSolar is a project to build and operate a 25 MW solar power plant under the XXL program in Benban (total maximum capacity of 1.8 GW), in southern Egypt. The project will benefit from a 25-year power purchase agreement (PPA) and a feed-in tariff of US$c 7.12/kWh by the distribution company EETC (Egyptian Electricity Transmission Company). The project is being financed 75:25 in debt and equity. PROPARCO’s contribution benefits from a 50% subparticipation from ICCF.
Project impact
The power plant will produce 68.6 GWh of low-carbon electricity a year. It will reduce CO2 emissions by 29,000 tons every year. The project will improve the quality and security of electricity supply in the country. Finally, the project will help create or maintain some 1,300 jobs across Egypt's economy as a whole and should contribute EUR 17m to national GDP during the project life cycle.