Riyadh – Mubasher: Saudi Arabia-based Alfanar signed a facility agreement at a value of $57 million to establish a solar plant project in Egypt.
The agreement was signed between Alfanar's subsidiary Alfa Solar Company, European Bank for Reconstruction and Development (EBRD), and Islamic Corporation for the Development of the Private Sector (ICD).
There will be another parallel loan at a value of $28.5 million provided by the (ICD) which will be allocated for constructing a solar photovoltaic (PV) with a capacity of 50 megawatts (MW) under Egypt's round II of FiT scheme.
The project will help in expansion of generating power from renewable sources, and it will be one of the largest projects to generate electricity from solar power.
All the projects will be located in Benban solar complex in Aswan.
After inaugurating the project it will offset 900,000 tonnes of carbon dioxide (CO2) emissions.
The Power Purchase Agreement (PPA) of the project was signed by the Project Company with EETC on 7 May.
“The collaboration with EBRD and ICD for financing this project had been a pivotal element in taking the project forward,” chairman of Alfa Solar and deputy chairman of Alfanar Sabah Mohammed Al Mutlaq said.
“Globally, countries are experiencing the effects of climate change and renewable energy investors and financier's role is vital to cultivate more investment in the region for green energy and scale down the effects of global warming,” Al Mutlaq added.
“This partnership will assist the socio-economic development in Benban by providing local population with infrastructure, job creation and skills training,”.
Alfanar has projects in Egypt, Qatar, Portugal, Britain, India, Philippines, Spain, Turkey, and the UAE.
