Infinity Solar and the Egyptian Electricity Transmission Company (EETC) have signed an agreement to purchase the former’s renewable energy. Director of Infinity Solar, Nayer Fouad, said that the company agreed with the German bank LP to finance the required foreign funding for the solar power plant by 85% of the total cost. Infinity Solar is only the second company to sign the agreement with EETC. According to the renewable FIT Act endorsed by the cabinet in September 2014, companies must complete financial closure before 27 October. The second phase of the project is set to begin on 28 October.

Source: Daily News Egypt October 22, 2016 16:41 UTC