Elsewedy Electric secures loan to finance its solar projects

Elsewedy Electric, an Egyptian integrated energy company, has acquired a $150 million loan from the International Finance Corporation (IFC), First Abu Dhabi Bank, and Europe Arab Bank to boost and decarbonize its energy technologies and equipment production capacity. Elsewedy Electric Co. S.A.E. is a global provider of energy, digital, and infrastructure solutions with five core business sectors: wire & cable, electrical goods, engineering & construction, digital solutions, and infrastructure investments.

The loan will fund, among other things, the development or acquisition of solar IPP projects, CAPEX maintenance and enhancement plans for manufacturing facilities. With the investment, Elsewedy Electric S.A.E will be able to boost the efficiency of its manufacturing facilities in the countries in which it operates, resulting in an expected reduction of more than 60,000 tons of carbon dioxide per year in its greenhouse gas emissions.