Alfanar Energy Signs PPA for 50 MW Solar Plant

Alfanar Energy Signs PPA for 50 MW Solar Plant

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.


Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.


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