China's energy storage network, IFC, said on Sunday it had completed a $653 million loan for 13 solar power plants in Egypt.
According to introducing, this 13 solar power station project total installed capacity of 752 megawatts, enjoys a feed-in Tariff subsidies (Nubian Suns Feed - in - trade-related Financing Program), to be able to meet the demand of 350000 residents, and created nearly 6000 jobs for the local.
In order to address energy shortages and utilize abundant sunshine resources, Egypt launched a renewable energy program in 2014 and strongly encouraged foreign companies to participate in the development of renewable energy in Egypt.
Ifc combined nine other international Banks to lend $653 million for 13 solar power plants in Egypt, with total investment of $823 million.
Other nine Banks include the Asian infrastructure investment bank, African development bank, the CDC, Finland industrial development cooperation foundation, industrial and commercial bank of China, Europe, Arabia, the Arab bank, Austrian national development bank, the financial Fund Finance in Motion/Green for Growth Fund.
The 13 Solar power plants, along with 19 other Solar power plants, are currently the largest privately financed Solar Park project in the Middle East and north Africa, Benban Solar Park.