IFC led consortium lends $653 million for Egypt’s Benban Solar Park development

The International Finance Corporation (IFC) through a consortium has finalised a $653 million debt package for 13 solar projects at Benban Solar Park near Aswan in Egypt. The 13 plants will have a combined capacity of 752 MW. As per the IFC, this is the largest private sector financing package for a solar PV facility in the Middle East and North Africa regions. The consortium comprises the Africa Development Bank, the Asian Infrastructure Investment Bank, the Arab Bank of Bahrain, CDC of the United Kingdom, Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and OeEB of Austria.