The European Bank for Reconstruction and Development (EBRD) is investing up to US$ 100 million in a certified green bond issuance of US$ 334.5 million, backed by six solar power plants owned by Scatec ASA.
The Bank is also providing a US$ 30 million Credit Enhancement Facility (CEF) for participating institutional investors.
Certified under the Climate Bonds Standard, this bond is the first private green project bond issuance in Egypt and the southern and eastern Mediterranean region.
The issuance will have a catalytic effect on renewable energy investors seeking access to capital markets in a volatile post-pandemic macroeconomic environment, allowing them to source funding from the growing pool of international institutional investors.
In addition, the EBRD will support the regional economic development of the Aswan governorate in the country. The Bank will work on increasing access to skills and economic opportunities for people in the less developed rural areas near Benban Solar Park, by introducing a certified training programme for agribusiness entrepreneurs, with a specific focus on youth and women.