ArabFinance: Egypt has signed an agreement with Norwegian renewable energy systems company Scatec and its partners to refinance six projects in Benban Solar Park in Aswan through the issuance of 19-year green bonds at a value of $334.5 million, according to an official statement by the Egyptian Cabinet.
The green bonds will be issued by a group of international investment institutions, including the European Bank for Reconstruction and Development (EBRD), the United States International Development Finance Corporation (DFC), the Dutch development bank (FMO), and the German Investment Corporation (DEG), along with other private investors.
The six projects are owned by Scatec and its partners and have a production capacity of 380 megawatts.
The agreement was signed by Chairman of Banque Misr Mohamed El-Etreby, CEO of Scatec Terje Pilskog, Chairman of Egyptian Electricity Transmission Company (EETC) Sabah Mashali, Executive Chairman of New and Renewable Energy Authority (NREA) Mohammed El-Khayat, and Deputy Minister of Finance for Economic Affairs at Ministry of Finance Sherine ElSharkawy.
The signing ceremony was attended by Prime Minister Mostafa Madbouly.