IFC closes $653m fi­nanc­ing for Egypt so­lar plants

Iran Daily - - Tse & Global Economy -

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.


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