Source: Flickr/Dennis Jarvis.

Source: Flickr/Dennis Jarvis.

Saudi Arabia’s Alfanar Energy has signed a PPA with the Egyptian Electricity Transmission Company (EETC) for the development of a 50MW solar plant in Egypt, according to local reports.

The PPA was signed as soon as the 50MW project, under the country’s feed-in tariff (FiT), reached financial closure. The plant will be located at the proposed 1.8GW Benban solar complex in the Aswan province.

The US$100 million project is being financed by the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank (IDB), and is one of Egypt’s first utility-scale solar plants.

In a Daily News Egypt report, director of Alfanar’s renewable energy projects in Egypt, Mohamed Abdel Karim, said the Saudi firm paid the third installment of the cost-sharing agreement after an increase of its value by about 35%.

Alfanar has reportedly allocated US$200 million towards two new renewable energy projects in Egypt, with a total capacity of 100MW through the second phase of the FiT.

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Tags: egypt, feed-in tariff, utility-scale, solar pv, pv power plants, alfanar energy, ebrd, idb, finance, emerging markets