Norway's Scatec ASA to issue green bonds worth $334.5M to refund projects at Egypt's Benban Solar Park

CAIRO – 28 April 2022: Norway's Scatec ASA, specialized in renewable energy systems, will issue green bonds worth $334.5 million through international financing organizations to re-fund six projects it owns at Benban Solar Park.

The duration of those bonds is 19 years, and will be offered through the European Bank for Reconstruction and Development (EBRD); the U.S. International Development Finance Corporation (DFC); Dutch Development Bank (FMO); German Investment Corporation (DEG); and, private global entities.  

CEO of Scatec ASA Terje Pilskog said during the signing ceremony, attended by Prime Minister Mostafa Madbouli, that the bonds earned one of the highest investment grades by a number of credit rating firms, as indicated by a press statement issued by the Egyptian Cabinet.

As such, they are the first of their kind in a country that is not member of the Organization for Economic Cooperation and Development (OECD), encompassing high-income states.

It is noted that Scatec ASA is part of a coalition that is establishing a green hydrogen plant with a capacity of 100 megawatts at Ain Sokhna Industrial Zone affiliated to Suez Canal Economic Zone (SCzone).