The European Bank of Reconstruction and Development has identified 16 new solar projects in Egypt with a cumulative capacity of 750 MW to receive financing, while International Finance Corp will support development of a further 13 solar parks.
The Spanish company will build three PV plants in a 50/50 joint venture with Saudi developer Swicorp. The facilities will sell power to local utility EETC under a 25-year PPA.
The bank is granting long-term debt financing for the construction of 11 solar plants.
The European Bank for Reconstruction and Development (EBRD) today announced the completion of financing for two 50 MW PV projects, to be built as part of the 1.8 GW Benban Solar complex in Egypt’s Aswan province.
The Saudi Arabian power group will build three solar plants at the Benban solar complex, where most of the projects developed under Egypt’s FIT scheme are being constructed.
The funds will be used to support the construction of 11 solar plants with a combined capacity of 500 MW.
The Alcazar II solar project is being developed in the 1.8 GW Benban solar complex by UAE-based Alcazar Energy.
The funds will be used to finance 13 large-scale PV projects being developed under the country’s FIT scheme. All the projects will be located near Benban in Upper Egypt.
A first agreement to start a feasibility study for the project, which also includes the construction of a giant solar plant, was signed in the presence of the country’s minister of energy Mohamed Shaker.
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