DUBAI: International Finance Corporation (IFC), a member of the World Bank Group, on Sunday said it had completed a $653 million debt package to finance building 13 solar power plants near Aswan in Egypt, planned to be part of the largest solar park in the world.
Generating up to 752 megawatts of solar power, the Nubian Suns Feed-in-Tariff Financing Program is targeted to provide power to more than 350,000 residents and create up to 6,000 jobs during construction.
In an effort to overcome frequent energy shortages and take advantage of year-round sunshine, Egypt announced plans in 2014 to develop renewable energy, a prospect that has enticed foreign investors.
IFC and a consortium of nine international banks will provide a $653 million debt package to finance construction of 13 solar power plants, which will join 19 other plants to make up the Benban Solar Park – the largest private-sector financing package for a solar photovoltaic facility in the Middle East and North Africa.
The plants will cost a total of $823 million to build, IFC said in a release.
The consortium includes Asian Infrastructure Investment Bank, African Development Bank, CDC, Finnfund, Oesterreichische Entwicklungsbank, Industrial and Commercial Bank of China, Europe Arab Bank, Arab Bank and Finance in Motion/Green for Growth Fund.
“This creates an ecosystem of investors for Egypt for this program and broadens the capital base for future infrastructure spending,” Erick Becker, manager of infrastructure and natural resources Middle East and North Africa for IFC, said.
IFC, which provided $202 million in financing for the project, was studying other potential opportunities in Egypt with renewable energy, both in solar and wind, Becker said. It has more than doubled the renewable share of its global power portfolio in the past decade.
Egypt’s Feed-in-Tariff program aims to use private-sector capital and expertise to help achieve its goal of providing 20 percent of its electricity from renewable resources by 2022.
“The country is really trying to tap the private investment cycle as it needs a lot more jobs for its young people and the renewable-energy sector is one vehicle for doing that,” Ashish Khanna, program leader of sustainable development at the World Bank, told Reuters. World Bank worked with the Egyptian government to help reform the electricity sector.
The Multilateral Investment Guarantee Agency, also part of the World Bank Group, will provide $210 million in political risk insurance to 12 projects within Benban.
IFC closes $653 million financing for Egypt solar plants
IFC closes $653 million financing for Egypt solar plants
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
