The project comprises six 50MW solar plants at the Benban complex in Upper Egypt. It is expected to be the largest solar installation, with a planned total capacity of 1.8GW, in Africa.
The funding has been granted by 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.
EBRD will provide $235m, including $48m by the GCF and $72m by FMO, while IsDB will provide $75m. ICD will extend $25m for the solar power project.
Earlier, EBRD announced its plan to fund $500m for 16 Egyptian renewable energy projects with a combined generation capacity of 750MW.
EBRD power and energy utilities head Harry Boyd-Carpenter said: “We are delighted to support today the largest solar portfolio in Egypt's feed-in-tariff scheme, and to work again with Scatec Solar.
“As well as its size this project is notable as our first investment with the Green Climate Fund under our Egypt Renewable Energy Financing Framework.
“It is an excellent example of how partners from the private and the public sector can work together to address one of the core issues of our times: the development of sustainable and environmentally friendly generation and supply of energy.”
The solar projects are being developed as part of Egypt’s effort to shift its focus on developing clean and low-cost electricity to drive economic development.
Image: Scatec Solar plans to build 300MWAC projects in Egypt. Photo: courtesy of European Bank for Reconstruction and Development.
