Egypt's solar industry attracts investment of US$1.8b

London

EGYPT'S fledgling solar industry attracted US$1.8 billion of investment, largely from the European Bank of Reconstruction and Development (EBRD) and the World Bank's International Finance Corp (IFC).

The EBRD is backing 16 photovoltaic projects, and the IFC is financing 13 in the sunny North African nation with a combined capacity of 1.4 gigawatts. They are writing loans for US$380 million and US$203 million respectively, and have mobilised the rest from co-investors.