- Alfanar Energy of Saudi Arabia has signed PPA with Egyptian Electricity Transmission Company (EETC)
- The PPA is for a 50 MW solar power plant that Alfanar is developing in Egypt
- Project will be located in the Aswan region of Egypt and will be part of the proposed 1.8 GW Benban solar complex
- It will form a special purpose vehicle incorporated in Egypt to develop and operate the project, as per EBRD
Saudi Arabia’s Alfanar To Support Electricity Generation Company Of Bangladesh To Develop 2x50 MW Solar Power Projects As Joint Venture Partner
(13. March 2019)
Saudi Arabia based Alfanar Energy signed a power purchase agreement (PPA) with Egyptian Electricity Transmission Company (EETC) for a 50 MW PV plant. The plant comes under the feed-in-tariff program of the country, according to TradeArabia.
The project is located at the proposed 1.8 GW Benban solar complex in the Aswan region of Egypt.
The European Bank for Reconstruction and Development (EBRD) is considering debt financing for a total of 750 MW of solar PV capacity in Egypt (see EBRD Checks $456M Of Loans For Egypt Projects). The 50 MW project by Alfanar may receive EBRD debt financing of up to $29 million for the same. It will form a special purpose vehicle incorporated in Egypt for the purpose of developing, constructing and operating the project.
However, TradeArabia reported that Alfanar Energy has secured non-recourse finance for the project in the order of $55 million from the EBRD and the Islamic Corporation for the Development of Private Sector (ICD).
Total project cost of the 50 MW plant is $74 million.