In October and December 2017, OeEB contributed a total of USD 20 million to the "Nubian Suns Egypt Solar Financing Programme", a debt package arranged by IFC for the construction and operation of 13 solar power plants in Egypt. OeEB’s investment is allocated to three 50 MW solar power projects.
|Nubian Suns - Egypt Solar Financing Programme
|MENA (Middle East and Northern Africa)
|Energy / Resource efficiency / Infrastructure
|OeEB project volume
|USD 20 million
|Total investment volume
|USD 653 million
|IFC, Finnfund, CDC, Asian Infrastructure Investment Bank (AIIB)
In order to sustainably improve Egypt's energy supply and to reduce the country's dependence on fossil fuels, OeEB contributes USD 20 million to the "Nubian Suns Egypt Solar Financing Programme". The USD 653 million debt package arranged by IFC will finance the construction and operation of 13 solar power plants in Egypt. With a total capacity of up to 752 megawatts they will supply over 350,000 households with clean energy.
Three of these solar projects will be co-financed by OeEB: The 50 MW solar power plants TAQA Arabia for Solar Energy, Horus Solar Energy und Aten Solar Energy will be part of the larger Benban Solar Park in southern Egypt, which, once completed, will be the largest solar installation in the world.
In December 2017, "Nubian Suns" received the "Global Multilateral Deal of the Year" award by Project Finance International.