Egyptian solar gets £72.9m boost from UK

by BPVA on 09 November 2017

Egyptian solar gets £72.9m boost from UK

An 800MW solar project in Egypt has received a £72.9 million loan from a UK Government-owned finance group.

CDC is providing the finance to the Nubian Suns facility to help the country achieve its green energy targets, meet demand and create jobs.

The organisation is part of an International Finance Corporation-led syndicate providing the project with a $653 million (£491m) debt package to fund the construction of 13 solar power plants near Aswan.

The project is part of the larger Benban Solar Park, which when complete, will be the largest solar power installation in the world, with up to 1.8GW capacity coming from 32 individual plants.

CDC’s Managing Director for Debt, Holger Rothenbusch, said: “Egypt has abundant sun all year round but often struggles with power shortages that limit the country’s economic potential.

“Developing solar energy makes economic and social sense and our investment demonstrates our strong commitment to Egypt’s economic growth and a cleaner environment.”