Prime Minister Mostafa Madbouli attended on Wednesday 27/4/2022 a signing ceremony of a cooperation protocol between Norway’s Scatec and its partners to refinance six projects owned by them in Benban solar park in Aswan, with a production capacity of 380 megawatts.

Under the agreement the Norway’s Scatec, which is a leading renewable power producer, and its partners will refinance the projects via issuing 19-year green bonds worth dlrs 334.5 million through a host of international investment institutions.

The agreement was signed by Chairman of Banque Misr Mohamed el-Etreby, Scatec CEO Terje Pilskog, Chairman of the Egyptian Electricity Transmission Company Sabah Mashali and Executive Chairman of New and Renewable Energy Authority, (NREA) Mohammed el-Khayat and Assistant Finance Minister Sherine el-Sharkawi.

Following the signing ceremony, the CEO of Scatec said that issuing green bonds to refinance the projects owned by the company and its partners in Benban solar part comes as part of benefiting from the Climate Bond Initiative (CBI).

This kind of finance is considered the first in the African Continent, he added.

Source: State Information Service Egypt