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Thursday, 11 January 2018

World Bank’s MIGA to provide USD 102.6 mn in guarantees for six solar plants in Egypt

The World Bank’s Multilateral Investment Guarantee Agency (MIGA) is providing USD 102.6 mn in guarantees for six solar plants in Egypt with a combined production capacity of 250 MW, Renewables Now reports. The funding acts as security “against the risks of expropriation, transfer restriction and inconvertibility, breach of contract and war and civil disturbance.” Around USD 5 mn will be used to cover IB Vogt’s investment for a 15-year period, while another USD 97.6 mn will be provided to the Industrial and Commercial Bank of China for up to 20 years. Three of the plants covered by MIGA’s financing will be constructed by ACWA Power.

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