Egypt Signs 400MW Solar Deal After EBRD Pledges $350mn

Egypt’s Electricity Ministry has signed a 25-year power purchase agreement with Norway’s Scatec to enable delivery of electricity from six solar projects totaling 400MW. These will be built at Benban near Aswan in Upper (southern) Egypt.

Scatec says the plants are expected to generate 870GWh of electricity per year and will be developed under the 2GW solar feed-in-tariffs launched by Cairo in 2015. Scatec will partner with local developers and Norwegian investment house KLP Norfund.

The European Bank for Reconstruction and Development (EBRD) is leading a consortium of banks that is expected to support the six projects with loans totaling $350mn, says Scatec. EBRD and the World Bank’s IFC unit were among the first institutions to back the program. (CONTINUED - 327 WORDS)