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Egypt Draws $1.8 Billion Investments for 1.4 Gigawatts of Solar

  • EBRD, IFC help channel funds into giant Benban solar park
  • So far, 27 solar projects have reached financial close
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Egypt’s fledgling solar industry attracted $1.8 billion of investment, largely from the European Bank of Reconstruction and Development and the World Bank’s International Finance Corp.

The EBRD is backing 16 photovoltaic projects, and the IFC is financing 13 in the sunny North African nation with a combined capacity of 1.4 gigawatts. They are writing loans for $380 million and $203 million, respectively, and have mobilized the rest from co-investors.