The International Finance Corporation (IFC) unit of the World Bank has approved a plan to invest $635mn to help build, operate and maintain up to 11 solar photovoltaic (PV) plants in Egypt with a combined capacity of 500MW.
The plants will be built in a solar park near the village of Benban in the desert, 650km south of Cairo and 40km northwest of Aswan city. The IFC announcement follows a European Bank for Reconstruction and Development (EBRD) decision to back 16 solar projects with combined capacity of 750MW at Benban with almost $500mn of loans. (CONTINUED - 843 WORDS)
