EBRD and partners support Egypt’s largest solar portfolio
October 20, 2017
The EBRD has teamed up with development partners to make a significant investment in the renewable energy sector in Egypt with the financing of Africa’s largest solar plant.
Funding of US$ 335 million from the EBRD, the Green Climate Fund (GCF), the Islamic Development Bank (IsDB), the Islamic Corporation for the Development of the Private Sector (ICD) and the Dutch development bank FMO, will support the Norwegian developer Scatec Solar and its partners in constructing a portfolio of six 50 MWAC solar plants at the Benban complex in Upper Egypt, which upon completion will be the largest solar installation in Africa, with a planned total capacity of 1.8 GW.
The EBRD is providing loans of US$ 235 million, of which US$ 48 million is provided by the Green Climate Fund and US$ 72 million will be provided by FMO. In addition, the Islamic Development Bank (IsDB) will extend US$ 75 million and the Islamic Corporation for the Development of the Private Sector (ICD) US$ 25 million.