Shapoorji Energy Benban Solar Plant

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The $73 million financing will be used for the construction and development of a 50 MW greenfield PV solar plant, located within the New and Renewable Energy Agency’s 37.5 square kilometer Benban site. The project is under development by Shapoorji Energy, a subsidiary of Indian firm Shapoorji Pallonji Infrastructure Capital. This is a greenfield project launched on a BOO modality. Power produced by the plant will be sold to Egypt’s Electricity Transmission Company under a 25-year power purchase agreement. Total investment amount is estimated at $73 million and is being funded via debt and equity. IFC is providing $17.9 million. A further $41.5 million will be made up by syndication and the remainder in equity. Lenders are IFC, Asian Infrastructure Investment Bank, African Development Bank and CDC Group. Financial closure took place in end of October 2017. Sterling and Wilson will provide engineering, procurement, and construction services, and also perform operations and maintenance on the plant. https://ijglobal.com/data/transaction/38191/shapoorji-energy-benban-solar-pv-plant-50mw