The 13 plants will have a combined capacity of 752MW. Credit: Getty
The International Finance Corporation (IFC) has finalised a US$653 million debt package for 13 solar projects at the Benban Solar Park, near Aswan in Egypt.
The 13 plants will have a combined capacity of 752MW.
There have been a number of announcements regarding financing of the various PV projects at Benban in recent months, with multiple finance institutions and developers confirming progress. IFC has now announced that it finalised this debt package on Sunday.
IFC also said this is the largest private sector financing package for a solar PV facility in the Middle East and North Africa (MENA) regions.
The consortium includes the Africa Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Arab Bank of Bahrain, CDC of the United Kingdom, Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and OeEB of Austria.
Philippe Le Houérou, chief executive of IFC, 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.”
Egypt’s feed-in-tariff program is a major initiative that leverages private sector capital and expertise to support the country’s goal of generating 20% of its electricity from renewable resources by 2022. The Benban Solar Park, which will include 32 power plants in all, is an important part of the initiative.
The Multilateral Investment Guarantee Agency, another member of the World Bank Group, has obtained approval to provide US$210 million in political risk insurance to 12 projects within Benban.
Over the summer, the European Bank for Reconstruction and Development (EBRD) also approved US$500 million of financing for 750MW of PV projects in Egypt.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.