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:
- SunRise Energy (50MW)
- Rising Sun Energy (50MW)
- Al Subh (50MW)
- Arinna Solar Power (20-30MW)
- SP Energy (50MW)
- Phoenix Power 1 (50MW)
- Taqa Arabia For Solar Energy (50MW)
- Winnergy For Renewable Energy Projects (20-30MW)
- ARC For Renewable Energy (50MW)
SOURCE : IJ Global