Scatec Solar closes financing for 6 solar projects in Egypt

Scatec Solar and its partners have reached financial closure for six solar PV projects in Egypt with a combined generation capacity of 400 MW. A group of international development finance institutions is providing $335 million of non-recourse project financing, accounting for 75 per cent of the capex. The financing group comprises EBRD, the United Nations’ Green Climate Fund, the Dutch development bank FMO, the Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector. The remaining 25 per cent equity will be provided by the three project sponsors – Scatec Solar, Norfund and Africa50. The six projects, entailing a total investment of $450 million, are located in the 1.8 GW Benban solar park in Aswan, Upper Egypt. Project construction is expected to commence in early 2018.