Saudi Arabia?s Alfanar Energy has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to develop a 50MW solar plant in Egypt, that will help Egypt achieve new approaches of renewable energy
The project is located at the proposed 1.8GW Benban solar complexes in the Aswan province. The PPA project is expected to be one of the first few to reach financial closure in Egypt, and will be one of the first utility based solar plants in the country.
The PPA project comes under Egyptian Feet-in-Tariffs (FiT) programme which encourage and promote a greater use of various renewable energy sources in the country.
Gamal Abdel-Rahem, EETC chairman and Sabah Al Mutalq, vice chairman of Alfanar Group have signed the agreement in presence of Jamal Wadi, CEO of Alfanar Energy.
Alfanar Energy is the global leader in the field of renewable energy (PV, CSP and wind technologies), independent water projects (IWP) and independent waste water treatment projects (IWWT), conventional energy power projects (coal, petcoke gas/oil), biomass, geothermal, and WTE projects.
Alfanar?s new project in Egypt has secured a non-recourse finance of US$55mn from the European Bank for Reconstruction and Development (EBRD) and the Islamic Corporation for the Development of Private Sector (ICD).
With the initiation of this PPA agreement, Alfanar Energy is looking forward to expand business in the international markets as a key player of renewable energy sources.
Established in 1976, Alfaner energy solely focuses on enriching the value chain of project development, financing, design, engineering, procurement, construction, testing and commissioning and operation and maintenance of global renewable energy projects.
