ARC Benban Solar Plant

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This project represents a greenfield investment in a 50 MW solar PV plant, located in Aswan Governorate of Upper Egypt. ARC for Renewable Energy SAE (ARC) is the project company leading the project. Maccaferri Industrial Group and Desert Technologies are sponsoring the project, each holding a stake of 50% in the company. The venture is undertaken on a BOO basis with a predetermined tariff rate. The Egyptian Electricity and Transmission Company will offtake all electricity from the project under 25-year power purchase agreement. The plant costs $74 million. The IFC is providing $16.7 million and syndicating a further $43.5 million. The balance will be covered by equity. Lenders are Europe Arab Bank, Green for Growth Fund, Asian Infrastructure Investment Bank and CDC Group. The project is part of a $653 million debt package, backed by a syndicate of nine international lenders: IFC, Africa Development Bank, Asian Infrastructure Investment Bank, Arab Bank (Bahrain), CDC, Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and Austria’s OeEB. Financial close occurred on 29 October 2017. https://ijglobal.com/data/transaction/38664/arc-benban-solar-pv-plant-50mw