Out of confidence in the potential for solar energy development, the European Bank for Reconstruction and Development decided to jointly fund a 300MW double-sided solar project in Egypt.

Ahmad El Mokadem, chief banker of the European Bank for Reconstruction and Development, said in an interview with PV Tech today that "we believe that in the next few years, the potential for developing double-sided components in the Middle East is huge, resources are good and conditions are right."

“Many renewable energy investors are interested in using double-sided components that target the Middle East and North Africa.”

El Mokadem made the above comments as Scatec Solar began to accelerate the 300MW double-sided PV project in the Benban complex in Egypt. The six 50MW power plants planned to be built will receive US$330 million support from the European Bank for Reconstruction and Development, the Green Climate Fund and other development financing institutions.

El Mokadem said, “We expect these six projects to be put into operation before the end of the year, and the latest projects will be put into operation in the first quarter of 2020.”

Conservative yield forecasts to reduce risk

El Mokadem did not disclose the exact cost of the duplex unit being installed, but admitted that its price is usually higher than the corresponding single-sided component. He said that in the high reflectivity photovoltaic environment such as the Egyptian desert, the expected benefits are very significant. “Double-sided products allow the use of both sides of a solar module to capture radiation and reflections from the ground and adjacent components.”

Despite the optimistic outlook, El Mokadem acknowledged that at this stage, double-sided PV is not risk-free for investors. "Using the two sides of the component can cause the component to overheat. We have done a lot of testing to mimic the possible results. But in the end, unlike the one-sided component, you don't know what the performance of the component will appear over time. Variety."

Regarding how the European Bank for Reconstruction and Development is dealing with risks, El Mokadem quoted Scatec as saying, “Risk is one of the main reasons we can support this technology at this stage.” In addition, he described the amount of electricity generated in the contract as “very Conservative."

El Mokadem explained that banks rely on technical consultants for power modeling. When asked about other investors’ resolutions to finance double-sided components, the chief banker said, “This is very similar to our approach.”