27 Oct '17, 11am

Scatec Solar closes financing for 400 MW project in Egypt

Scatec Solar closes financing for 400 MW project in Egypt

A consortium of international Development Finance Institutions is providing a non-recourse project finance of $335 million, accounting for 75 percent of the capex. The consortium consists of EBRD, the United Nations' Green Climate Fund (GCF), the Dutch development bank, FMO, the Islamic Development Bank (IsDB) and the Islamic Corporation for the Development of the Private Sector (ICD). This is the consortium's first joint projects in Egypt's renewable energy sector. "With this programme, the government of Egypt is making important steps towards accessing clean and low-cost electricity to drive development and economic prosperity" said Raymond Carlsen, CEO of Scatec Solar. "Scatec Solar and partners are making significant investments and a long-term commitment to Egypt". T he six projects involving a total investment of $450 million are located in the Benban solar park in A...

Full article: https://www.renewableenergymagazine.com/pv_solar/scatec-s...

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