Egypt’s El Sewedy Electric is set to complete the financial closure of a solar power plant in Benban Aswan as part of the feed-in tariff projects within 10 days, the company chairman was quoted as saying in a media report.

The project is worth about $70 million and will be financed by the European Bank for Reconstruction and Development (EBRD) and the French Development Agency (AFD),  Ahmed El Sewedy was quoted in Daily News Egypt.

The construction work is expected to start in the first quarter of next year.

El Sewedy noted that the company acquired a plot of land to launch the project and signed an energy purchase agreement with the Egyptian Electricity Transmission Company (EETC). The financial closure and obtaining the licenses from the Egyptian Electric Utility & Consumer Protection Regulatory Agency are the two steps remaining, he added.

He said that El Sewedy Electric is currently working with the German company Siemens to complete the remaining stages of the power plant in Beni Suef.