TAQA Arabia for Solar Energy SAE
Region and country of operations: Africa, Egypt
Jurisdiction of registration: Egypt
Business sector: Solar power
Date of agreement (month/year): 10/2017
Finnfund’s financing: USD 7,804,000
Share of Finnfund’s financing: 11,10%
Size of project/financing: approx. USD 76,000,000
Environmental and social category: B+
The project company was founded to construct and operate a 50 MW solar power plant in Benban, South Egypt. The solar PV power plant is one of about 30 plants to be constructed to the same 3,700 hectares site in Benban. The Benban site’s total power production will be around 1.5 GW. Electricity produced in the plant will be sold to the government owned Egyptian Electricity Transmission Company with a long-term power purchase agreement, benefiting the people of Egypt with low cost renewable electricity.
Main development impact
Egypt produces over 90% of its electricity from fossil fuels. The solar power rollout (1.5 GW) in Benban will increase Egypt’s solar power capacity over tenfold. This will diversify Egypt’s generation capacity and dependence on fossil fuels. The project will enhance climate change mitigation with estimated CO2 reductions amounting to around 55,000 tons per year.