has provided an Euler Hermes export credit guarantee (ECG), covering the BLB loan. As part of the German foreign trade promotion programme, it thus supports Egypt's goal of meeting more than a third of its energy requirements by 2035 through renewable energies. At the end of January 2019, ib vogt commenced construction of a portfolio of three additional solar power plants with a total capacity of 166.5 MWp in Benban, Aswan Governorate, Egypt. The project partners – an international conglomerate consisting of ib vogt, Infinity Solar, Phoenix Energy and BPE Partners – achieved financial close at the end of October. Debt financing amounting to USD 146 Million was secured for these projects. For the “BSEP 50” and “MMID 30” installations financing has been provided by the European Bank for Reconstruction and Development (EBRD), the Dutch Development Bank (FMO) and the Green Climate Fund (GCF). The International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB) and the CDC Group provided the financing for the “Phoenix 50” project. The International Finance Corporation led a consortium of Africa Development Bank, Asian Infrastructure Investment Bank, Arab Bank of Bahrain, CDC Group, Europe Arab Bank, Green for Growth Fund, FinnFund, ICBC, and OeEB of Austria by pledging US$653 million to finance building and operating 13 plants by six groups of private power companies, including, TAQA Arabia, Shapoorji Energy, a subsidiary of Shapoorji Pallonji Group and Acciona Energy. The 13 solar power plants, which are expected to have a peak power of 752 MW, will cost US$823 million in total. Assuming a capacity factor of 26% this corresponds to an annual production of 1,75 TWh/yr. Also the Multilateral Investment Guarantee Agency, will provide US$210 million in political risk insurance to 12 projects within Benban. See also Energy in Egypt References Solar power stations in Egypt Buildings and structures in Aswan Governorate