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Africa50 invests $8m in Aswan

Africa50 invests $8m in Aswan
The Africa50 fund will invest $8 million in 400 MWp project, which will be developed at the Benban site north of Aswan, according to the fund’s statement

Cairo – Mubasher: Infrastructure fund Africa50 has announced signing a joint development agreement with Norway’s Scatec Solar ASA and Norfund to finance a 400-megawatt peak (MWp) for solar power plants in Aswan, Egypt.

The Africa50 fund will invest $8 million in 400 MWp project, which will be developed at the Benban site north of Aswan, according to the fund’s statement.

Africa50, a subsidiary of the African Development Bank (AfDB), highlighted that the project will require investments totalling $450 million for the project to be completed.

"These plants represent a significant first step in Africa50’s commitment to working with Egypt, an important shareholder, to improve its power generation capacity," said Africa50’s CEO Alain Ebobisse.

The plants are being developed under the second phase of the Egyptian feed-in tariff (FiT) programme, which incorporates 1800 MWp of photovoltaic power plants. 

“Currently 92% of Egypt's generation capacity of about 36 GW is thermal,” the statement showed.