El Sewedy Electric is in talks with financial institutions for a loan to fund its 50MW solar power plant project in Benban as part of the feed-in tariff (FiT) program, according to the Egyptian Exchange.

El Sewedy has also confirmed the company is in talks for a $75m loan to finance the project and moving forward as planned in 2016, according to  Al Mal.

In addition, El Sewedy and Siemens are in negotiations with the Egyptian Electricity Transmission Company (EETC) to build two 500kV transformer stations at a cost of EGP2.2b in Gharbeia and Beheira, El Sewedy said according to the Egyptian Exchange.

In 2016, El Sewedy established The Egyptian Company for Developing  Solar Energy, in attempts to develop, finance, construct, and operate the Benban project, with estimated investments of $100m.

El Sewedy also said that the company has completed the studies of the solar power plant project including the technical measurements required for the land, which is about one million square meters.