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Monday, June 17, 2024

Launch Partners

Multilateral Investment Guarantee Agency issues US$98.3 million guarantee to Virtuo Finance for sustainable refinancing of solar power plants

EGYPT: The Multilateral Investment Guarantee Agency (MIGA) has issued a US$98.3 million guarantee to Virtuo Finance to boost the sustainable refinancing of six operational solar power plants in Egypt’s Benban Solar Park, the largest photovoltaic solar park in Africa, a statement confirmed. The solar power plants will be refinanced through the issuance of the first climate-certified project bond in Egypt.  

The construction contract of the six plants was secured by Scatec and the Africa50 investment platform under the second round of the Egyptian Feed-in Tariff Program. The construction partners relied on several loans for the construction of the facilities. Debts were contracted with the European Bank for Reconstruction and Development, the IsDB, the FMO, the Green Climate Fund and the Islamic Corporation for the Development of the Private Sector, Afrik21 reported.

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