EBRD and IFC have kick-started Egypt’s solar program with $1.6bn in pledges for 27 projects. The first developer has reached financial close with others close behind.

Norway’s Scatec Solar has reached financial close for six solar photovoltaic (PV) projects with a combined capacity of 400MW to be built as part of a proposed 1.8GW solar park which Egypt’s Ministry of Electricity is looking to develop at Benban, in the desert 40km northwest of Aswan city.

The six Scatec...