IFC-led consortium approves $653m funding for solar projects in Egypt

WCN Editorial Team 1 Nov 2017 MIDDLE EAST ENERGY & UTILITIES

A consortium of IFC and other lenders has granted $653m in debt package for 13 solar projects at the Benban Solar Park near the city of Aswan in Egypt.

The other firms in the consortium are the Africa Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Arab Bank of Bahrain, CDC of the UK, Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and OeEB of Austria.

Together, the 13 facilities will produce up to 752MW of power. The projects will lead to the creation of 6,000 jobs during the construction phase.

The Benban Solar Park, deemed to be the largest solar installation worldwide, will comprise 32 solar plants in total. The solar park is part of Egypt’s Feed-in-Tariff programme, which aims to support the country’s goal of producing 20% of its electricity from renewable resources by 2022.

IFC CEO Philippe Le Houerou said: “Egypt’s reforms in its energy sector opened the door to private sector investments. For the Benban Solar Park project, those reforms and our innovative financial tools have helped attract a number of investors and financiers into the country for the first time. This will create jobs for many Egyptians and provide clean and reliable energy for people across the country.”

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