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2017-10-18 18:30:00

EGYPT SOLAR INVESTMENT

EGYPT SOLAR INVESTMENT

BLOOMBERG - Egypt's fledgling solar industry attracted $1.8 billion of investment, largely from the European Bank of Reconstruction and Development and the World Bank's International Finance Corp.

The EBRD is backing 16 photovoltaic projects, and the IFC is financing 13 in the sunny North African nation with a combined capacity of 1.4 gigawatts. They are writing loans for $380 million and $203 million, respectively, and have mobilized the rest from co-investors.

"These are the first private renewable energy projects in Egypt, and it's not an easy macroeconomic or geopolitical situation," Harry Boyd-Carpenter, head of power and energy utilities at the London-based development bank, said in a phone interview. "Yet because it's got the right regulatory framework in place, Egypt has been able to attract all of these different investors and should comfortably get more than a gigawatt of capacity financed this year."

Egypt is targeting to generate 20 percent of its electricity from clean sources by 2022. It currently gets more than 90 percent of its power from oil and gas, according to data from Bloomberg New Energy Finance.

The solar projects that got funding are being developed in the Benban solar park in Egypt's Aswan province in the southeast. The site is expected to have a capacity of 1.8 gigawatts and cost $2.8 billion by the time it's complete in the first half of 2019.

They are being built by international developers such as Scatec Solar ASA of Norway, Saudi Arabia-based ACWA Power and Al Fanar Co., French firms EDF Energies Nouvelles SA and Eren Renewable Energy SA and Access Power MEA in Dubai.

The loans are part of a program that the EBRD began in 2015 to invest as much as $500 million in solar in Egypt. The plan was delayed due to the devaluation of the Egyptian pound and the fact that the government initially didn't allow international arbitration for renewable energy contracts. A $12 billion aid package from the International Monetary Fund last November alleviated some of those concerns.

The EBRD is co-investing with Proparco, the Islamic Development Bank and the Green Climate Fund, according to Boyd-Carpenter. The IFC is working with the African Development Bank, Finnfund, China's Asian Infrastructure Investment Bank, among others, spokeswoman Riham Mustafa said by email. The Washington-based bank has lined up loan deals for all of its projects except two, which is expects to sign this week, she said.

"Local Egyptian banks have problems financing these projects because the tariff is paid in Egyptian pounds but the debt is raised in dollars so that creates issues for that," Boyd-Carpenter said, referring to the volatility of the local currency.

Egypt currently has a feed-in tariff program, locking in long-term prices for the electricity generated by the solar projects. Authorities are likely to switch to a competitive auction system next year, according to the EBRD, which is advising the Ministry of Energy.

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Earlier:

IMF HAS EGYPT
2017, July, 17, 13:35:00

IMF HAS EGYPT

The approval by the IMF Executive Board of the First Review of the program shows the IMF’s strong support for Egypt in these efforts.

 

 ENI - ROSNEFT DEAL
2016, December, 12, 18:35:00

ENI - ROSNEFT DEAL

Eni has agreed a $1.125bn deal to sell a 30 per cent stake in its giant Egyptian gas field Zohr to Rosneft, as the Italian company continues efforts to monetise the recently-discovered field.

 

 IMF WANTS MORE EGYPT
2016, November, 9, 19:00:00

IMF WANTS MORE EGYPT

The IMF Executive Board will meet on Friday, November 11 to discuss Egypt’s request for financial assistance under an Extended Fund Facility (EFF) for the amount of $12 billion.

 

 WBG WANTS MORE EGYPT
2016, November, 9, 18:55:00

WBG WANTS MORE EGYPT

The World Bank welcomes Egypt’s recent economic and social reform measures including the floatation of the currency, measures to boost investment especially in Upper Egypt, adjusting energy prices to reflect market conditions, and strengthening the social safety net.

 

 LEVIATHAN'S DEVELOPMENT
2016, June, 20, 18:05:00

LEVIATHAN'S DEVELOPMENT

According to a development plan approved this month by the energy ministry, Leviathan's three anchor customers for its phase 1 development are expected to be the domestic Israeli market, the Jordanian power company Nepco and the Egyptian consortium Dolphinus Holdings, which was supposed to purchase gas from Tamar last year in a deal that has not materialized.

 

 СПГ РОСНЕФТИ ДЛЯ ЕГИПТА
2016, May, 9, 19:30:00

ROSNEFT LNG FOR EGYPT

Rosneft Trading SA, a company of Rosneft Group, delivered its first LNG shipment as part of its contract with Egyptian Natural Gas Holding Company. The delivery of the cargo was made by the GOLAR ICE tanker to the Ain Sukhna port within the Master LNG Supply and Purchase Agreement signed in August 2015.

 

 EGYPT & SAUDI INVESTMENT FUND
2016, April, 10, 13:55:00

EGYPT & SAUDI INVESTMENT FUND

The two countries also signed agreements to develop a 2250 Megawatt electricity plant with a cost of $2.2 billion, set up agriculture complexes in Sinai and develop a canal to transfer water, a statement from the Presidency said.

 

 

 

Tags: EGYPT, ENERGY, SOLAR, INVESTMENT

Chronicle:

EGYPT SOLAR INVESTMENT
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

EGYPT SOLAR INVESTMENT
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

EGYPT SOLAR INVESTMENT
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

EGYPT SOLAR INVESTMENT
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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