The European Bank of Reconstruction and Development (EBRD) will provide $28.5 million in financing for a solar plant in Aswan, Egypt Oil & Gas reports.
The Islamic Corporation for Development (ICD) will provide a matching $28.5 million dollar loan for the project.
The solar plant will be built in Benban, Aswan, by Alfanar Energy. Upon completion, it will have the capacity to generate 50 megawatts of energy.
Upon completion, the plant will be one of the largest solar plants in the world, according to ESI Africa.
The EBRD loan is part of the bank’s plan to provide $500 million to support renewable energy projects in Egypt.
In May, Alfanar Energy and the Egyptian Electricity Transmission Company (EETC) signed a power purchase agreement (PPA) for electricity generated from the plant. The PPA was signed under the Feed-in-Tarriffs (FiT) Program, Trade Arabia reported at the time.
Alfanar Energy is a Saudi company that specializes in electrical manufacturing and construction, according to the company.