Reports: Alfanar Energy signs PPA for 50MW solar plant in Egypt

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
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.

Follow all PV Tech's coverage of the Egyptian solar market here

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

June 18, 2021
Spanish utility Acciona has set a price range for its planned initial public offering (IPO) of its renewables division of up to €29.76 (US$35.36), potentially valuing the business unit at as much as €9.8 billion (US$11.6 billion).
June 16, 2021
A round-up of the latest stories from the US solar market, featuring news of Sunnova’s latest securitisation, Ameresco’s installation of solar at a US Air Force Base and Extensible Energy’s latest capital investment.
June 15, 2021
The confidence of renewable energy investors and developers stands at an “all-time high”, a new report by the American Council on Renewable Energy (ACORE) claims, however investment must surge in the coming years if the US is to meet decarbonisation goals.
June 9, 2021
Green energy investments in developing countries will need to reach US$1 trillion within the next nine years for the world to reach net zero emissions by 2050, according to the International Energy Agency (IEA).
June 1, 2021
Almost two thirds of people working in the solar industry expect to see double-digit sales growth this year, according to initial findings from a Global Solar Council survey.
May 18, 2021
Developers will need to install the equivalent of "the world’s largest solar park roughly every day" by 2030 to support global net-zero emissions targets, according to a new report.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021