Development banks invest in »Green Project Bond« for Scatec projects in Egypt
Post date: 29/04/2022 - 11:24
Norwegian solar project developer Scatec ASA, with the help of an international consortium of development banks, has completed financing for six solar power plants totaling 380 megawatts in Egypt. The financing is through a 19-year $334.5 million »Green Project Bond« certified by the international Climate Bond Initiative. It is the first transaction of its kind in Africa.
The investment is backed by the European Bank for Reconstruction and Development (EBRD), the U.S. International Development Finance Corporation (DFC), the Dutch development bank FMO and the German investment and development company DEG, as well as private institutional investors from around the world.
The EBRD said it contributed $100 million to the financing and also provided $30 million as Credit Enhancement Facility (CEF) for participating institutional investor. The World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) is also securing the investments, which Scatec said were subscribed to by »major institutions,« for whom these are the first investments in Egypt.