IFC Approves Debt for Alcazar's Solar Projects in Egypt

According to IJ Global, the IFC’s board has approved $635 million in total debt financing for 11 solar projects being procured under round two of Egypt’s feed-in tariff (FIT) programme.

The bank is backing around 500MW in total capacity under the programme, which has a total procurement target of 2GW in total. IFC’s board approved the investments on 20 July 2017.

Two of the eleven approved projects are being developed by Alcazar Energy Partners:

  • Delta Consortium (50MW):
  • Under development by Alcazar Energy Partners (75%) and Nile Capital (25%).
  • Cost of $70-75 million with an IFC A loan of $14-15 million and syndications of up to $42.3 million, with the balance covered by equity.
  • Alcazar Energy Egypt Solar (50MW):
  • Under development by Alcazar (99.99%) and Enerpal (0.01%).
  • The project will cost $70-75 million with an IFC A loan of up to $15 million and syndications of up to $42.3 million, and the balance covered by equity.

The remaining projects are:

  1. SunRise Energy (50MW)
  2. Rising Sun Energy (50MW)
  3. Al Subh (50MW)
  4. Arinna Solar Power (20-30MW)
  5. SP Energy (50MW)
  6. Phoenix Power 1 (50MW)
  7. Taqa Arabia For Solar Energy (50MW)
  8. Winnergy For Renewable Energy Projects (20-30MW)
  9. ARC For Renewable Energy (50MW)

 SOURCE : IJ Global