Norway’s Scatec Solar has reached financial close for six solar photovoltaic (PV) projects with a combined capacity of 400MW to be built as part of a proposed 1.8GW solar park which Egypt’s Ministry of Electricity is looking to develop at Benban, in the desert 40km northwest of Aswan city.
The six Scatec projects are the first to reach financial close among projects for which the London-based European Bank for Reconstruction & Development (EBRD) and the World Bank’s International Finance Corporation (IFC) have pledged to help finance. The EBRD/IFC support for the Benban solar plan effectively rescued a renewables program which had previously failed to find investors because of unattractive financial and legal terms. (CONTINUED - 702 WORDS)
