EBRD finances 300 MW in Egypt’s Benban solar power plant flagship

By Yomna Yasser On Oct 23, 2017

The European Bank for Reconstruction and Development (EBRD), together with the Green Climate Fund (GCF), Islamic Development Bank (IsDB), Islamic Corporation for the Development of the Private Sector (ICD) and the Dutch development bank FMO, is providing financing of USD 335 million for a solar power plant project in Egypt.

The Norwegian project developer and power plant operator Scatec Solar ASA will build six plants of 50 MW each in the solar power plant complex in Benban near Aswan, where, after completion, a total capacity of 1.8 GW is set to be installed.

The EBRD, which approved a loan volume of $500 million (€424 million) for renewable energy projects in Egypt in June, is providing $235 million for the Scatec project, of which the GCF is contributing $48 million and the FMO 72 million. IsDB and ICD are contributing 75 and 25 million dollars, respectively.

In April, Scatec signed power purchase agreements for six solar power plants in Benban. However, a total of 400 MW is planned under these contracts, with a financing volume of $450 million.

Source: Photon