Elsewedy Electric is currently in the negotiating process, with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), of obtaining a $75m loan to finance building its 50MW solar power plant in Aswan, Egypt, Almal News reported.

The giant firm plans to import the solar cells from China and is currently attempting to secure all the financing needed for bringing its project to reality before the end of September. Almal News added that Elsewedy Electric Chairman, Ahmed Elsewedy, has created the Egyptian Company for Solar Energy Development in order to develop, finance, build, own, and operate the project with investments of $100m.

The chairman also said that his firm is currently working on conducting the relevant studies needed for the project execution and the project will be implemented on a land area of 1m square meter.