The Egyptian Electricity Transmission Company (EETC) signed an agreement to purchase energy from Infinity Solar.

Infinity Solar’s Director, Nayer Fouad, stated that the company agreed with the German bank LP to provide the required foreign funding for the solar power plant by 85% of the total cost. It also agreed with Hermes cover to insure and guarantee the project to bear its risks. The remaining 15% of the funding will be secured from the Arab African International Bank, reported Daily News Egypt.

Infinity Solar will present its financial closure statement to EETC late October. Thus, it will meet all necessary measures in accordance with the regulations of  phase I of the Feed-in-Tariff (FiT) energy purchasing program.

The projects costs are expected to reach EGP 150m. The German component amounts to 70%, in addition to the insurance company, which shall receive a $25m check for insurance throughout the duration of the contract.

In related news, theThe Egyptian Ministry of Electricity sent signing invitation letters to 8 companies, including Infinity Solar, to sign  phase I of the country’s Feed-in-Tariff (FiT) program.