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Tuesday, 24 October 2017

EBRD, GCF, FMO extend USD 87 mn loan to solar power projects in Egypt

And speaking of investment in solar power: The EBRD has partnered with Green Climate Fund (GCF) and Dutch Development Bank FMO to extend a USD 87 mn syndicated facility to Egypt’s Infinity Solar and Germany’s IB Vogt GmbH to fund two solar power plants, a press release says. The two plants will add a combined 80 MW to the 1.8 GW solar power complex in Benban in Upper Egypt. The EBRD will provide USD 44 mn from its own accounts and USD 14 mn through the GCF, with the FMO contributing USD 29 mn. EBRD is funding 16 other solar power projects under its USD 500 mn renewable energy framework for Egypt. EBRD became the largest investor in Egypt’s renewable energy sector after it approved a USD 73 mn financing package for another three solar power plants in Benban last week.

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