- EBRD plans to subscribe to a green bond issued by the Norwegian independent power producer (IPP) Scatec.
- Earnings from the transaction will go into renewable energy development
The European Bank for Reconstruction and Development (EBRD) plans to subscribe to a green bond issued by the Norwegian independent power producer (IPP) Scatec. The initiative by Scatec aims to accelerate the financing of renewable energy projects in Egypt.
The London (UK) based bank, EBRD, which is heavily involved in financing green economy in Egypt, is expected to subscribe to the loan, which has an overall value of $340 million. The EBRD’s proposed funding of 130 million euros is expected to be approved on February 23, 2022. In this transaction, $100 million will be made available as a direct subscription to the bond, with $30 million representing a cash facility for the benefit of participating private institutional investors.
The proceeds of the green bond will be used to finance a portfolio of six solar power plants (380MWp) that Scatec operates in the Benban complex.