MIGA issues USD 52m in guarantees for Egyptian solar projects

The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, has issued guarantees amounting to USD 52.35 million (EUR 47.8m) to cover the investments of Scatec Solar ASA in 390 MW of projects in Egypt.

Specifically, the guarantees cover about 90% of the Oslo-based company’s investments in six 65-MW solar parks at the 1.8-GW Benban complex in the Aswan governorate in Upper Egypt against the risk of currency inconvertibility and transfer restriction for up to 15 years.

Each of the plants is part of the country’s solar feed-in-tariff (FiT) programme and together they are capable of producing an average 930 GWh of power annually.

The 390-MW project represents a total investment of some USD 446 million. Scatec Solar announced that all six solar parks were connected to the grid in October 2019. The company developed them alongside renewable energy investor KLP Norfund and infrastructure investment platform Africa 50.

(USD 1.0 = EUR 0.912)

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