Egypt plans new low-cost solar as FiT commitments top $1bn

On 4 September, the Asian Infrastructure Investment Bank approved a commitment of $210m to 11 solar power projects, all of which are already being financed by the International Finance Corporation (IFC). These are the first African projects in any sector to be financed by the new Beijing-based bank, which was established in January 2016. On 5 September, the African Development Bank approved $55m of finance for two 50MW projects being developed by Alcazar Energy and one 50MW project sponsored by India’s Shapoorji Pallonji Group.