IFC, banks close Egypt solar plants funding

Debt package of $653m for 13 solar power plant near Aswan part of largest solar park in the world

International Finance Corporation (IFC), a member of the World Bank Group, yesterday said it had completed a $653 million (Dh2.4 billion) 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 solar power, the Nubian Suns Feed-in-Tariff Financing Program is targeted to provide power to more than 350,000 residents and create up to 6,000 jobs during construction.

In an effort to overcome frequent energy shortages and take advantage of year-round sunshine, Egypt announced plans in 2014 to develop renewable energy, a prospect that has enticed foreign 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 privatesector 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.