IFC closes $653m financing for Egypt solar plants
International Finance Corporation (IFC), a member of the World Bank Group said it had completed a $653 million debt package to finance building 13 solar power plants near Aswan in Egypt, planned to be part of the largest solar park in the world.
Generating up to 752 megawatts of investors.
IFC and a consortium of nine international banks will provide a $653 million debt package to finance construction of 13 solar power plants, which will join 19 other plants to make up the Benban Solar Park — the largest private-sector financing package for a solar photovoltaic facility in the Middle East and North Africa.
The plants will cost a total of $823 million to build, IFC said in a release.
The consortium includes Asian Infrastructure Investment Bank, African Development Bank, CDC, Finnfund, Oesterreichische Entwicklungsbank, Industrial and Commercial Bank of China, Europe Arab Bank, Arab Bank and Finance in Motion/green for Growth Fund.
“This creates an ecosystem of investors for Egypt for this program and broadens the capital base for future infrastructure spending,” Erick Becker, manager of infrastructure and natural resources Middle East and North Africa for IFC, said.