The Benban solar power complex won Thomson Reuters’ Project Finance International Award for “Global Multilateral [transaction] of the Year” yesterday. The USD 2 bn complex, where 30 solar power plants will eventually generate around 1.5 GW of power, represents the second phase of Egypt’s feed-in tariff (FiT) program and is being funded by a number of international lenders, including the International Finance Corporation and European Bank for Reconstruction and Development. The award “crowns the success of the (FiT) and its participants,” according to a statement from our friends at Zulficar and Partners (pdf), who had acted as legal counsel for the Egyptian Electricity Transmission Company on the project.

Companies broke ground on their respective projects in Benban this week after receiving their 25-year power production licenses from the Egyptian Electric Utility and Consumer Protection Agency (Egyptera), Al Borsa reported yesterday. The Finance Ministry had issued letters of guarantee earlier this month.