The Norwegian firm signed 25-year PPAs with the Egyptian government for six plants on a 1.8GW solar park near Aswan.
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The $1.7bn Chinese-sponsored project in the Punjab province will serve three million residential customers, easing a severe power shortage in the country.
The German insurer is “very advanced” in efforts to seal its $500m investment through the IFC’s $5bn infrastructure debt platform, which Prudential is also looking to back.
The World Bank affiliate is considering another investment in the sector shortly after the country confirmed its 40GW solar target by 2022.
The emerging markets firm is targeting returns of up to 23% for the vehicle, which is poised to invest in an Ivorian hydro project in Q1.
The financing marks the first investment by a $1.5bn joint investment vehicle set up by the ADB and Japan’s cooperation agency in March.
Overseas specialists are setting up shop in the country as it aims to add 1GW of renewable capacity per year over the coming decade.
The multilateral‘s commitment to the vehicle, which has a $2bn target, will be split between IFC’s main account and its asset management arm.
The project manager has hired two in senior roles as it seeks to gain a greater foothold in the wind energy market.
GE agreed in May to help the country develop its wind resources, and Mainstream seeks to expand its emerging market investments into Asia.