Egypt-IFC lends ElSewedy Electric $150M to develop solar energy projects

  • 01 July 2022 / News / 416 / Fares RAHAHLIA

Egypt-IFC lends ElSewedy Electric $150M to develop solar energy projects
 ElSewedy Electric announced that it has secured $150 million in financing from the International Finance Corporation (IFC).
The company said in a statement to the Egyptian Exchange (EGX), Wednesday, that the loan will be allocated to develop a number of solar energy investment projects, periodic maintenance of assets, and approved improvement plans for manufacturing facilities.
It added that part of the funding will be allocated to refinance previous concessions obtained by ElSewedy Electric, in order to support the company's efforts to reduce carbon emissions.
The company confirmed that the loan will give it the flexibility required to invest in a number of new projects, with part of it allocated to refinancing other projects.
It indicated that it will obtain financing in the form of several tranches based on each stage, to be repaid over a period of 7 years.
“The loan will support the company to achieve its expansion and growth plans, in line with both Egypt’s and the IFC’s strategies to support sustainable and clean energy projects and coincides with the country’s preparations for hosting the COP27 summit. This will contribute to further mobilizing Egypt's efforts to promote and actualize sustainable development locally and globally,” CEO of ElSewedy Electric, Ahmed ElSewedy, stated.
ElSewedy Electric achieved a net profit of LE 828.2 million during the period from January to the end of March 2022, compared to profits of LE 769.49 million during the first quarter of 2021, taking into account minority rights.

source: Egypt today

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