We are delighted to announce that we have had the privilege to advise on yet another success story for the Egyptian renewables energy program and the Benban Solar Park, one of the largest solar parks in the world. This is the first private investment-grade project green bond in Egypt that aims at diversifying funding sources for the renewables energy sector, and will pave the way for future green bond issuances in the country.

The transaction involved a USD 100m participation by EBRD in a USD 335m green bond issuance by Scatec ASA. This is in addition to a USD 30m Credit Enhancement Facility, provided alongside a MIGA PRI cover, for the benefit of the participating international institutional investors.

Sharkawy & Sarhan is immensely proud and honored to have played our part in advising EBRD, Islamic Development Bank (IsDB) and Islamic Corporation for the Development of the Private Sector (ICD) as the original lenders on this innovative refinancing and working alongside our friends and colleagues from Scatec ASA, Clifford Chance, Zulficar & Partners Law Firm and Mazghouny & Co.

The team at Sharkawy & Sarhan was led by partner Mohamed Nabil Hazzaa closely supported by managing associate Esraa Abdelmoniem, senior associate Nesma Abdelbary and associate  Menna Abouzekry.

Congratulations to all those who participated!