Norwegian “Scatec” issues green bonds worth $ 335 million to refinance projects in Egypt

Today, Wednesday, the Egyptian cabinet said that Norwegian firm SCATEC has issued a 19-year green bond worth $ 334.5 million to refinance six solar energy projects in Aswan, southern Egypt.

In a statement, the Cabinet indicated that an agreement had been signed in on the basis of which the Norwegian company “Scatec” and its partners would have refinanced 6 projects they own at the “Benban” solar energy site in Aswan, with a production capacity of 380 megawatts, with the issuance of green bonds.

For his part, the managing director of the Norwegian company “Scatc”, Terry Belskog, said that the issuance of green bonds to refinance projects owned by “Scatec” and its partners in the “Benban” site falls within the framework of benefiting of the bond climate, noting that this loan is the first of its kind on the African continent.

He added: “We have managed to achieve full underwriting of the green bonds that will be issued by project companies by a number of development financial institutions, including: the European Bank for Reconstruction and Development (EBRD), the American International Development Finance Corporation (DFC) and the Netherlands Development Finance Corporation (FMO) and the German Investment Corporation (DEG), together with global private institutional investors.

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