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Egypt’s 752MW solar programme reaches financial close

The Nubian Suns solar programme, which will consist of 13 solar power plants with total capacity of 752MW, in Egypt has reached financial close.

The solar plants will come up near the Egyptian city of Aswan and they will be part of the larger Benban Solar Park.  

Mott MacDonald acts as a lender’s technical advisor to the International Finance Corporation (IFC) on the program.

To support financial close for the programme, Mott MacDonald has provided technical, environmental and social due diligence.

As part of the contract, the consultancy will also monitor construction and operations of the solar plants.

Mott MacDonald’s project director Viktor Lempesis said: “Our experience of the design and construction of photovoltaic plants worldwide, coupled with our local knowledge of the Egyptian power generation and distribution sector, enabled us to swiftly identify and focus on overcoming any potential issues during the project’s financing.”

Construction of the solar power plants is expected to be completed during the first quarter of 2019.

During the construction phase, the Nubian Suns programme is expected to generate up to 6000 jobs. Upon completion, the plants are expected to offer eco-friendly energy to over 350,000 households.

In October, a consortium led by International Finance Corporation (IFC) had agreed to lend $653m for the 13 solar power plants.

Other members in the consortium include the African Development Bank; the Asian Infrastructure Investment Bank; the Arab Bank of Bahrain, CDC of the United Kingdom, Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and OeEB of Austria.

Image: Construction of the solar power plants is expected to be completed during the first quarter of 2019. Photo: Courtesy of RK008/