Egyptian renewable energy developer Infinity Solar Energy and German-based solar developer ib vogt GmbH will receive a USD 87 mn syndicated loan, Invest-Gate reports.

To be provided by the European Bank for Reconstruction and Development (EBRD), the Green Climate Fund (GCF) and the Dutch Development Bank (FMO), the funds will be used to construct and operate two solar photovoltaic power plants with a total capacity of 80 megawatt located at the Benban complex in Upper Egypt.

Upon completion, the complex will be Africa’s largest solar installation, with a planned total capacity of 1.8 gigawatt, according to an EBRD statement.

Each plant will be funded through loans of USD 87 mn under an A/B structure, comprising EBRD A Loans of USD 58 mn, of which USD 44 mn will be from the bank’s own account and USD 14 mn from the GCF. FMO will provide B Loans of USD 29 mn.