The Egyptian Electricity Transmission Company (EETC) signed an agreement with the International Finance Corporation (IFC) to establish a 600 MegaWatt (MW) solar power plant west of the Nile, Arab Finance reported.

According to the agreement, IFC will offer its vision to the project to streamline its dealings with EETC and successfully implement its renewable energy program.

The solar plant will be carried out for the first time under the Auction system in private sector projects.

The Ministry of Electricity and Renewable Energy plans to boost renewable energy projects and encourage the private sector to be involved in such projects, Sabah Mashaly, EETC’s head, said.