Page 12 - AfrElec Week 03 2022

AfrElec RENEWABLES AfrElec

EBRD invests up to $130mn

in Scatec’s $340mn green

bond issuance

EGYPT THE European Bank for Reconstruction and Scatec ASA develops, builds, owns and operates
Development (EBRD) is investing up to $130mn solar, wind and hydro power plants (HPPs) and
in Scatec’s $340mn green bond issuance. storage solutions, and has more than 3.5 GW
The bond proceeds will support a portfolio in operation and under construction on four
of six operational solar power plants located in continents.
Benban, Egypt. The bank’s participation will Africa 50 is an investment vehicle established
consist of up to $100mn in the form of a direct to help bridge Africa’s infrastructure funding gap
subscription in the bond and the provision of up by facilitating project development, mobilising
to $30mn in stand-by liquidity facility for the public and private sector finance, and investing
benefit of the participating private institutional in infrastructure on the continent. Norfund is
investors. The bond will be the first private green the Norwegian Investment Fund for developing
renewables-backed bond issued in Egypt. countries, owned and funded by the Norwegian
The solar power plants are ultimately owned government. Its role is to assist in building sus-
51% by Scatec ASA, 25% by Africa 50 and 24% tainable businesses and industries in developing
Norfund. Scatec ASA is a leading renewable countries by providing equity capital and other
power producer, headquartered in Oslo, Nor- risk capital.™
way and listed on the Oslo Stock Exchange.

P12 www. NEWSBASE .com Week 03 20•January•2022