Saudi Arabia’s Alfanar Energy recently signed a Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for 50mw PV plant under Feed – in – Tariffs Programme, a report said.

The project is located at the proposed 1.8 GW Benban solar complexes in the Aswan governance of Egypt, added the Saudi Gazette report. The project will be one of the first utility scale solar plants in Egypt.

Alfanar Energy has secured non-recourse finance for the project in the order of $55 million from the European Bank for Reconstruction and Development (EBRD) and the Islamic Corporation for the Development of Private Sector (ICD).