Egypt seals USD 635 mn funding agreement with IFC for Benban solar power complex: Investment Minister Sahar Nasr signed a USD 653 mn debt package agreement with the International Finance Corporation (IFC) to fund the development of 13 solar power plants at the Benban complex, according to an official statement. The plants will add a combined 590 MW to the 1.8 GW complex, which is set to become the world’s largest grid-connected solar power park. Constructed under phase two of the feed-in tariff program, the projects are the IFC’s biggest investment in Egypt to date, according to IFC’s Vice President of New Business Dimitris Tsitsiragos. We had noted yesterday that the IFC’s package is the latest in c. USD 1.8 bn in financing Egypt has received for the Benban complex, mainly through the IFC and the European Bank for Reconstruction and Development (EBRD).

Zulficar & Partners advised the Egyptian Electricity Transmission Company on the project agreements under the two rounds of the feed-in tariff program. Sharkawy & Sarhan law firm advised the IFC, EBRD, and Proparco on financing 30 solar power plant projects in Benban.