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Tag: IFC
EBRD wind

EBRD provides $252 million loan for 250 MW wind farm in Gulf of Suez

Posted: August 14, 2019 at 1:04 pm   /   Renewables

EBRD, IFC and OPIC providing US$ 252 million loan to a project company owned by Lekela Power BV Funds will finance 250MW wind farm in the Gulf of Suez Clean energy expected to reduce CO2 emissions by 550,000 tons per year The European Bank for Reconstruction and Development (EBRD) is stepping up its support for […]

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Solar

TAQA Arabia, Hassan Allam break ground on EGP 1.35 bn Benban solar plant

Posted: August 29, 2018 at 1:22 pm   /   Renewables

Qalaa Holdings subsidiary TAQA Arabia and Hassan Allam Holding have begun constructing their EGP 1.35 bn, 50 MW solar power plant in Aswan’s Benban complex, Qalaa said in a statement to the EGX. The project is being finance by five international institutions, including the International Finance Corporation IFC, according to the statement. The power plant […]

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Egypt inaugurates first phase of 1.8 GW Benban solar park

Posted: March 16, 2018 at 2:05 pm   /   Renewables

Infinity Solar inaugurated its 50 MW power plant as part of Benban solar park. Egypt’s Minister of Electricity Mohamed Shaker inaugurated on Tuesday the first phase of Egypt’s Benban solar park in Aswan, set to be largest in the world upon completion at 1.8 GW total capacity, Arabic Ahram news website reported. The event marks […]

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World’s largest solar park under development in Benban, Egypt

Posted: February 26, 2018 at 10:54 pm   /   Renewables

The Benban Solar Park aims to reach somewhere between 1.6-2.0GW of solar power by the middle of 2019. The projects will receive no incentives, however, it will be given a 25 year contract to sell its electricity at 7.8¢/kWh to the the state-owned Egyptian Electricity Transmission Company (EETC) and pegged to the value of the […]

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The latest on Egypt’s burgeoning renewable energy sector

Posted: November 2, 2017 at 7:43 pm   /   Renewables

Egypt’s renewable energy sector under the second feed-in tariff program has been on a tear in the past couple of weeks. Herewith, a roundup of recent developments, including news yesterday and overnight (background here, here and here): International institutional interest in solar helps 30 companies close on power plants: The International Finance Corporation has been […]

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BPE Partners, Infinity Solar invest $190m in 130 MW Benban solar plants

Posted: November 1, 2017 at 5:02 pm   /   Renewables

BPE Partners (formerly Beltone Private Equity), the Egypt-based Egypt-focused private equity manager, jointly with Infinity Solar Energy SAE “Infinity”, an Egyptian renewable energy developer, and Ib Vogt GmbH, an international solar developer established in Germany, have successfully reached financial closure of three solar power plants located in Benban, Egypt for a total capacity of 130MW. […]

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A New Solar Park Shines a Light on Egypt’s Energy Potential

Posted: October 31, 2017 at 4:57 pm   /   Renewables

This story is part of a series on IFC’s work to help create markets that give new opportunities to people in developing countries. These innovative approaches have helped solve some of the largest problems in countries or, sometimes, entire regions. By Andrew Raven, IFC Communications Few places are as barren as Egypt’s Western Desert. Save […]

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Egypt signs $653 million funding deal with IFC for Benban solar park

Posted: October 30, 2017 at 11:54 pm   /   Renewables

IFC-Led Consortium Invests $653 Million to Support the World’s Largest Solar Park in Egypt. IFC, a member of the World Bank Group, today finalized a landmark $653 million debt package that will finance the construction of 13 solar power plants near the Egyptian city of Aswan. The plants will be part of the larger Benban […]

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IFC pledges $100 million to oil and gas projects in Egypt

Posted: August 30, 2017 at 12:27 pm   /   Oil & Gas

The International Finance Corporation has pledged USD 100 mn to oil and gas projects being carried out by major global firms in Egypt, an Investment and International Cooperation Ministry statement says (pdf). This comes as the World Bank Group’s executive board agreed to help fund projects worth a combined USD 500 mn in Egypt’s oil […]

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Egypt signs finance agreement for Sonker’s Ain Sokhna terminal

Posted: May 7, 2017 at 5:50 pm   /   Oil & Gas

The government signed an agreement activating the financing of Sonker’s liquid bulk terminal in Ain Sokhna, Al Masry Al Youm reported. Sonker is investing USD 500 mn to construct and operate a bulk-liquids terminal for the import and storage of gasoil and LPG in the third basin of Ain Sokhna Port. USD 320 mn of […]

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