IFC announces $150 million 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.

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, has mentioned the involvement of fellow lenders First Abu Dhabi Bank (Fab) and Europe Arab Bank, but it is not clear whether Fab and Europe Arab Bank will supply part of the $150 million loan. pv magazine has contacted the IFC for clarification.

The multilateral lender said that 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.

This post appeared first on PV Magazine.

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