A consortium of Germany’s Ib vogt and the local Infinity Solar has reached financial close for two photolvoltaic (PV) solar plants under the second round of Egypt’s feed-in-tariff (FIT) renewable energy programme.

The two solar plants will have a combined total capacity of 80MW. The developer consortium will receive an $87m syndicated loan from the European Bank for Redevelopment & Construction (EBRD), Green Climate Fund (GCF) and the Dutch Development Bank (FMO). The UAE office of UK-based law firm Clifford Chance advised EBRD on the transaction.

The consortium was assisted by India/US Synergy consulting and Germany’s Solizer, which acted as transaction advisers for the two projects.