FP039
GCF-EBRD Egypt Renewable Energy Financing Framework
GCF-EBRD Egypt Renewable Energy Financing Framework
Scaling up renewable energy in Egypt through renewable energy integration and leveraged investments.
The Renewable Energy Financing Framework will support Egypt in meeting its target of 20% renewable energy generation by 2022, through two complementary components.
The first is a comprehensive technical assistance programme to enhance renewable energy integration, policies, and planning. The second component is to scale up investments to support the development and construction of renewable energy projects totalling USD 1 billion. This will be done by blending GCF and EBRD financing to leverage debt financing from international and development financial institutions, and at a later stage from commercial banks and private sector investments.
The projects to be implemented with co-financing from the Framework are expected to generate around 1,400 GWh electricity annually and result in avoided GHG emissions of about 800,000 tCO2e annually once all projects are operational.
The Framework will launch the first wave of private renewable energy projects in Egypt, overcoming financial barriers due to uncertainty and high transaction costs, as well as the macroeconomic situation which has resulted in increased cost of capital and limited availability of debt. The Framework will use debt financing from EBRD and GCF of up to USD 500 million, including up to USD 150 million in loans from GCF.
The project has an estimated lifespan of 18 years.
Project timeline
Pipeline
22 Dec 2016 - 106 days
Concept note received
22 Dec 2016
Funding proposal received
02 Feb 2017
Cleared by iTAP
23 Mar 2017
Approved
06 Apr 2017 - 156 days
Approved by GCF Board
06 Apr 2017
Legal opinion on AE's Internal Approval
09 Aug 2017
FAA executed
16 Aug 2017
Under implementation
08 Sep 2017 - 2,667 days so far
FAA effective
08 Sep 2017
Disbursement - USD 65,800,000
22 Sep 2017
Annual Performance Report
28 Feb 2018
Disbursement - USD 4,000,000
30 Jul 2018
Annual Performance Report
01 Mar 2019
Disbursement - USD 20,000,000
18 May 2020
Disbursement - USD 150,000
10 Mar 2021
Disbursement - USD 3,163
05 Oct 2021
Disbursement - USD 60,703,335
17 May 2023
Disbursement - USD 3,343,502
04 Oct 2024
To be completed
07 Sep 2024 - -110 days to go
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Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing100% disbursed
| Instrument | Amount |
|---|---|
| Loan | USD 150,000,000 |
| Grant | USD 4,700,000 |
| Total GCF Financing |
|---|
| USD 154,700,000 |
Co-financing
| Co-financer | Instrument | Amount |
|---|---|---|
| Co-Financing | Loan | USD 350,000,000 |
| Co-Financing | Loan | USD 125,000,000 |
| Co-Financing | Equity | USD 250,000,000 |
| Co-Financing | Grant | USD 2,300,000 |
| Co-Financing | Loan | USD 125,000,000 |
| Total Co-Financing |
|---|
| USD 852,300,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Entity
European Bank for Reconstruction and Development
Associate Director, Pillar Head, Donor Partnerships
European Bank for Reconstruction and Development, 5 Bank Street, London, E14 4BG, United Kingdom
Associate Manager, Donor Partnerships
European Bank for Reconstruction and Development, 5 Bank Street, London, E14 4BG, United Kingdom
More contacts
National Designated Authority
Ministry of Environment
Manager of Carbon Certificates Marketing Department, Climate change Central Department
