Elsewedy Electric Secures $150 mn IFC Loan to Finance its Solar Projects

June 2022

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Elsewedy Electric Secures $150 mn IFC Loan to Finance its Solar Projects

28 June 2022, Cairo, Egypt – In a recent win for Elsewedy Electric, the leading energy, infrastructure & digital solutions provider, it has secured $150mn in funds from the International Finance Corporation (IFC) a member of the World Bank Group. The loan will be channeled to several infrastructure projects which mainly cover the company’s development or acquisition of solar IPP projects, as well as capex maintenance and improvement plans set for manufacturing facilities. Additionally, a portion of the loan will also be allocated to re-finance previous acquisitions concluded by Elsewedy Electric.

 

The fund, which builds on previous company successes in the renewable energy sector, will support the acquisition or construction of new factories, as well as finance parts of the working capital (excluding any financing for the EPC business of the Group) over the next three years.

 

Elsewedy Electric is entitled to withdraw the IFC loan over tranches relevant to each and every transaction, which will be subjected to the IFC prior consideration and approval.

 

Commenting on the fund acquisition, Eng. Ahmed El Sewedy, Elsewedy Electric President & CEO, said: “We are so happy to be qualified for the IFC loan after going through a long and detailed scrutiny process. The loan will support the company in achieving its expansion and growth plan. The fund comes in line with both Egypt’s and the IFC’s strategies to support sustainable and clean energy projects, and the country’s preparation for hosting to the COP27 summit. This will contribute to further mobilizing Egypt’s efforts to promote and actualize sustainable development locally and globally.”

 

“Qualifying for the IFC loan after a long and detailed scrutiny process is only a testament to our solid performance and position in the market. It will most certainly support us in achieving our planned expansion and growth,” he added.

 

As a global company, Elsewedy Electric operates by managing resources and maximizing the environmental impact of the business on the long term, as well as contributing to the communities they operate in. Their key reference for determining the value they create as a company is the United Nations’ Agenda 2030 and its Sustainable Development Goals (SDGs).

In Q1 2022, Elsewedy Electric’s renewables’ segment contributed 1% of consolidated revenues at EGP 102 million following its first full year of operations, with flag projects including the 130 MWp-plant in Benban, Aswan, established jointly with Électricite De France’s (EDF) Renewables, and a hybrid solar PV project on 250,000 m2 of land near Juba, South Sudan

Elsewedy Electric is the first company in Egypt, Africa, and the Middle East to obtain ISO 14067 for carbon footprint from TUV-Nord Germany and ranking among the Global 100 Most Sustainable Corporations in the World by the end of 2021.

 

IFC is the largest global development institution focused on the private sector in developing countries, working to improve lives by helping companies manage risk and broaden their access to foreign and domestic capital markets.