IFC announces $150m credit line, with focus on African solar

Egypt’s Elsewedy Electric, which has developed solar and storage projects on its home continent, has secured a new financing package, according to International Finance Corp.

A C&I solar installation by Daystar Power in West Africa.

Image: Daystar Power

Share

International Finance Corp. (IFC) has announced a $150 million loan to Egypt's Elsewedy Electric, with some of the credit to be used to finance solar generation capacity in Africa.

The IFC, the private-sector arm of the World Bank, mentioned the involvement of fellow lenders First Abu Dhabi Bank (Fab) and Europe Arab Bank in the financing package. The multilateral organization would not disclose to pv magazine whether Fab and Europe Arab Bank will supply part of the $150 million loan.

The IFC said Elsewedy will use the funds to construct African solar projects, to improve the energy efficiency of its manufacturing operations, and to acquire further industrial plants if the opportunity arises.

“This announcement demonstrates our commitment towards our robust expansion and growth plans,” said Elsewedy CEO Ahmed Elsewedy.

pv magazine has contacted Elsewedy Electric to ask how much of the funds will be devoted to solar projects and how much generation capacity will be installed.

Popular content

World’s largest sodium-ion battery goes into operation
02 July 2024 The first phase of Datang Group’s 100 MW/200 MWh sodium-ion energy storage project in Qianjiang, Hubei Province, was connected to the grid.

This copy was amended on 04/07/22 to include the IFC's response to pv magazine‘s question about the structure of the loan.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.