PM attends signing ceremony of Norway's Scatec pact to refinance projects in Egypt



Wed, 27 Apr 2022 - 11:28 GMT


Wed, 27 Apr 2022 - 11:28 GMT

CAIRO – 27 April 2022: Egypt’s Prime Minister Mustafa Madbouli met Wednesday with Terje Pilskog, CEO of Scatec company, where they discussed the first issuance of green bonds to finance Benban Solar Park.

During the meeting, Madbouli hailed the growing partnership between Cairo and Oslo in the field of renewable energy and the confidence of the international financial institutions in the Egyptian economy which led to reaching a deal between the government and Scatec to issue green bonds.

Electricity Minister Mohamed Shaker, Finance Minister Mohamed Mait, and other senior officials were present during the meeting.

For his side, Pilskog stressed his company’s commitment to meet all the terms of the agreement signed with the government in terms of localizing the industry of renewable energy.

Madbouli attended a signing ceremony of a cooperation protocol between Norway's Scatec and its partners to refinance six projects owned by them in Benban solar park in Aswan, with a production capacity of 380 megawatts.

Under the agreement the Norway's Scatec, which is a leading renewable power producer, and its partners will refinance the projects via issuing 19-year green bonds worth dlrs 334.5 million through a host of international investment institutions.

The agreement was signed by Chairman of Banque Misr Mohamed el-Etreby, Scatec CEO Terje Pilskog, Chairman of the Egyptian Electricity Transmission Company Sabah Mashali and Executive Chairman of New and Renewable Energy Authority, (NREA) Mohammed el-Khayat and Assistant Finance Minister Sherine el-Sharkawi.

Following the signing ceremony, the CEO of Scatec said that issuing green bonds to refinance the projects owned by the company and its partners in Benban solar part comes as part of benefiting from the Climate Bond Initiative (CBI).

This kind of finance is considered the first in the African Continent, he added.




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