ICD projects

Supporting clean energy projects - Alfanar IPP (FiT)

EGYPT 1438 / 2017
  • Mode Of Finance: Leasing
  • ICD contribution: 28,500,000
Supporting clean energy projects - Alfanar IPP (FiT)


The government of Egypt launched a Feed-in Tariff (FiT) scheme in 2014 with the aim of developing 4,300MW of wind and solar photovoltaic capacity. The government also plans To:

  • secure 20% of its electricity generation from renewable sources within the coming decade
  • increase Egypt’s energy security by exploiting the country’s vast renewable energy potential
  • improve the efficiency of its power sector • and reduce reliance on costly fossil fuel imports.

In 2017, ICD approved a credit envelope of up to USD75m to finance the construction and operation of new solar PV independent power projects (IPPs) being developed under the Egyptian FiT program, in partnership with leading development finance institutions including the European Bank for Reconstruction and Development (EBRD), the Green Climate Fund (GCF), and the Dutch Development Bank (FMO).


This initiative demonstrates:

  • our focus on the renewable energy space
  • our expanding cooperation with strategic international development finance institutions
  • our commitment to an important member country,

Egypt, in its journey towards sustainable economic development. Successfully implementing these transactions will help to ensure the success of the overall FiT program, boosting investor confidence in the Egyptian economy and laying the ground for more ambitious public private partnerships (PPP).


Alfanar project

PRODUCT: A term finance facility of up to USD28.5m

CLIENT: Alfa Solar Energy, a special purpose vehicle owned by Alfanar Company, a leading Saudi energy conglomerate active in the GCC region

PURPOSE: To build a 50MW solar PV power plant in the Benban Solar Park in southern Egypt. The total project will be funded with equity and debt. Equity funding will be provided by Alfanar Company, while the senior financing will be provided by the EBRD and the ICD.

Scatec Solar projects

PRODUCT: Six term finance facilities for a total of USD24m

CLIENTS: Six special purpose vehicles owned by an international investment consortium led by Scatec Solar ASA, a Norwegian company that develops, builds, owns, operates and maintains solar power plants globally


Scatec Solar is developing six projects in the Egyptian FiT program, in partnership with prominent international investors including Norfund and Africa 50. The projects will have a total installed generation capacity 300MW and will all be based in Benban Solar Park. The total cost of the projects will be funded by sponsor equity and senior financing provided by the EBRD, IsDB, FMO and the ICD.