Scatec secures MIGA guarantees for Egypt’s Benban project

The government aims at generating 20% of energy from renewable sources by 2022

  
Image used for illustrative purpose. Workers set up the photovoltaic solar panels at the Benban plant in Aswan, Egypt, November 17, 2019.

Image used for illustrative purpose. Workers set up the photovoltaic solar panels at the Benban plant in Aswan, Egypt, November 17, 2019.

REUTERS/Amr Abdallah Dalsh

ArabFinance: Scatec Solar announced securing guarantees with Multilateral Investment Guarantees (MIGA), a member of the World Bank Group, for Benban project in Aswan, Egypt.

The guarantees will cover Scatec’s equity investments in the six Egyptian solar power plants which have a capacity of 390 megawatts (MW).

In addition, MIGA’s guarantees cover 90% of Scatec’s investments for up to 15 years against the risks of Transfer Restrictions and Convertibility.

In November 2018, Scatec Solar secured similar guarantees against the risks of Breach of Contract and Transfer Restrictions and Convertibility.

In 2015, Scatec Solar entered the market as the largest solar developer in Egypt. The government aims at generating 20% of energy from renewable sources by 2022.

Benban project is Scatec Solar’s largest and first project using bifacial solar modules that produce energy from both sides of the solar panel. They work on increasing the total clean energy generation.

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