IFC and banks close $653m in funding for Egypt solar plants

International Finance Corporation (IFC), a member of the World Bank Group, on Sunday said it had completed a $653-million debt package to finance building 13 solar power plants near Aswan in Egypt, planned to be part of the largest solar park in the world. Generating up to 752 megawatts of solar power, the Nubian Suns Feed-in-Tariff Financing Program is targeted to provide power to more than 350 000 residents and create up to 6 000 jobs during construction.