Alfanar Energy recently signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company  (EETC) for 50MW PV plant under the Feed–in–Tariffs (FiT) Program. The plant will be located at the proposed 1.8 GW Benban solar complexes in the Aswan governorate in Egypt, according to Trade Arabia .

The PPA has been signed by EETC’ Chairman, Gamal Abdel-Rahem, and Alfanar Group’s Vice Chairman, Sabah Al Mutlaq, in the presence of Alfanar Energy’s CEO, Jamal Wadi.

The project will be one of the first utility scale solar plants in Egypt. It is expected to be among the first few to reach financial closure and participate in achieving Egypt’s new approach of renewable energy.

Accordingly, Alfanar Energy has secured non-recourse finance for the project in the order of $55m from the European Bank for Reconstruction and Development (EBRD) and the Islamic Corporation for the Development of Private Sector (ICD).

Al Fanar company aims to continue its expansion around the globe.