Taqa Arabia Benban Solar Plant

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The project entails the development of a 50 MW power facility located near Benban, Aswan city, Aswan Governorate of Upper Egypt. Taqa Arabia for Solar Energy S.A.E. is the project company that will undertake the project development and is sponsored solely by Taqa Arabia, part of QALAA holdings. This is a greenfield project developed as part of Round 2 of the Egyptian Government feed-in-tariff (FiT) scheme for domestic solar PV and wind energy project. The project company will build, own and operate the power farm for a period of 25 years. The project company was awarded the contract on a license scheme with a predetermined tariff rate. The state-owned Egyptian Electricity and Transmission Company will offtake power from the project under 25-year PPA. Required investment for the plant is estimated at $74.1 million and is being funded through debt and equity in 76:24 ration. Lenders to the projects are IFC which provided $17.8 million from its own account and syndicated further $38.8 million to Europe Arab bank ($4 million), Asian Infrastructure Investment Bank ($16.8 million), Oesterreichische Entwicklungsbank ($10 million) and Finnfund ($8 million). The remaining funding is equity financed. Financing was closed in end of October 2017. https://ijglobal.com/data/transaction/36047/taqa-arabia-benban-solar-pv-plant-50mw Taqa Arabia to be added to sponsors' list