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Tuesday, 10 May 2016

Scatec Solar pumps USD 650 mn into Egypt, negotiating with seven banks for funding

The CEO of global giant Scatec Solar says the company is pumping investments worth USD 650 mn into five solar energy projects in Egypt with a combined generation capacity of 250 MW, per an interview with the Daily News Egypt. While we had reported in February that the European Investment Bank was considering funding all five projects, CEO Raymond Carlsen tells DNE the company has agreed with seven different banks to finance 75% of the projects, with lenders stepping up to the plate including the International Finance Corporation, European Bank for Reconstruction and Development, and government-owned Norwegian Investment Fund for Developing Countries, Norfund. Scatec plans to launch three solar facilities in Benban with a capacity of 150 MW and signed on with two companies to participate in two installations in Zafarana with a capacity of 100 MW.

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