AIIB provides $210 million in funds for 490 MW of solar in Egypt

The Asian Infrastructure Investment Bank (AIIB) will grant $210 million as debt financing for the construction of 11 solar plants aggregating 490 MW in Egypt. Some of the notable projects to be financed under this scheme are a 50 MW plant to be developed by Taqa Arabia SAE; a 50 MW facility to be developed by Shapoorji Pallonji Infrastructure Capital Company Private Limited; a 50 MW solar park to be built by a consortium of Phoenix Power Venture SAL, Infinity Solar Energy SAE and Ib Vogt GmbH; and a 20 MW installation being planned by a consortium of Al Tawakol Electrical, Enerray Spa, Desert Technologies Industries Company Limited and Spectrum International for Renewable Energy. Funds for the project are being provided by a syndicate of lenders including AIIB, on a limited recourse project finance basis. These projects are a part of the 1.8 GW Benban solar complex located in the city of Aswan, Egypt.

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