The International Finance Corporation (IFC) has approved finance for 500MW of solar photovoltaic (PV) power plants at the Benban site in Upper Egypt, confirming the eventual success of the second round of the solar feed-in tariff (FiT) programme. Together with earlier commitments made by the European Bank for Reconstruction and Development (EBRD), it now appears the programme will comprise at least 1.2GW of new solar capacity by the financial close deadline in October. The projects going ahead are approximately one-third more cost-effective than those in the first round, justifying its much-criticised abrogation by the authorities last autumn.
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