Saudi Alfanar Energy signs Egypt solar plant agreement

Saudi Arabia’s Alfanar Energy, a major player in the manufacturing and EPC sector in the region, recently signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for 50 MW photovoltaic (PV) power plant under the Feed–in–Tariffs Programme in Egypt.

The PPA was signed by Gamal Abdel-Rahem, EETC chairman and Sabah Al Mutlaq, the vice chairman of alfanar Group, in the presence of Jamal Wadi, CEO of alfanar Energy.

Being a leader in the region’s energy sector, alfanar Energy proclaims its capabilities to compete and to expand the international operations as a key player in renewable energy devoting more than 40 years of experience and resources for green and sustainable energy.

Alfanar Energy’s new project in Egypt is an IPP – 50 MW solar PV under the FiT scheme located at the proposed 1.8 GW Benban solar complexes in the Aswan governance of Egypt.

The company aims to continue its expansion around the globe. The project will be one of the first utility scale solar plants in Egypt.

It is expected to be among the first few to reach financial closure and participate in achieving Egypt’s new approach of renewable energy.

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

Established in 1976, alfanar is the region’s leading player in the manufacturing sector, EPC business, design and development and has built a host of facilities in the Middle East and 17 other countries with a manpower of 22,000 employees in which more than 2,000 are engineers.

Source: Trade Arabia