The Road to the SDGs

prominent international investors including Norfund and Africa50, the Infrastructure Fund for Africa. The projects will have a total installed generation capacity of 400 MW and will 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. X The annual 870 GWh of electricity produced from the 400 MW solar plants will avoid about 350,000 tons of CO 2 emissions per year, supporting Egypt’s emission reduction targets under the Paris Climate Agreement. Egypt has committed to increase the share of renewables in the country’s power mix to 37% by 2035. ACHIEVEMENTS X This initiative demonstrates: – ICD’s focus on the renewable energy space – ICD’s efforts in expanding cooperation with strategic international development finance institutions – ICD’s commitment to an important Member Country, Egypt, in its journey towards sustainable economic development and alignment with the SDGs – ICD’s dedication in assisting the socioeconomic development in Benban by providing the local population with infrastructure, job creation, and skills training. INVESTMENT X The Alfanar project is funded with a term finance facility of up to US$ 28.5 million. X The Scatec solar projects are funded by six term finance facilities for a total of US$ 24 million. N E W S O L A R P V I N D E P E N D E N T P O W E R P R O J E C T S ICD approved a credit envelope of up to US$ 75 million to finance the construction and operation of new solar PV independent power projects [ 57 ] T H E R O A D T O T H E S D G s | P R O G R E S S A N D A C H I E V E M E N T S