Saudi Arabia’s Alfanar Energy has signed a PPA with the Egyptian Electricity Transmission Company (EETC) for the development of a 50MW solar plant in Egypt, according to local reports.
The PPA was signed as soon as the 50MW project, under the country’s feed-in tariff (FiT), reached financial closure. The plant will be located at the proposed 1.8GW Benban solar complexin the Aswan province.
The US$100 million project is being financed by the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank (IDB), and is one of Egypt’s first utility-scale solar plants.
In a Daily News Egypt report, director of Alfanar’s renewable energy projects in Egypt, Mohamed Abdel Karim, said the Saudi firm paid the third installment of the cost-sharing agreement after an increase of its value by about 35%.
Alfanar has reportedly allocated US$200 million towards two new renewable energy projects in Egypt, with a total capacity of 100MW through the second phase of the FiT.