Saudi Arabian company Alfanar will sign a power purchase agreement with the Egyptian Electricity Transmission Company (EETC) next week. Mohamed Abdel Karim, director of Alfanar’s renewable energy projects in Egypt, said that the company on Wednesday paid the third instalment of the cost-sharing agreement after an increase of its value by about 35%. He added that the company managed to complete the financial closure of the new solar power plant with a capacity of 50MW and investments of up to EGP 100m. Alfanar has allocated $200m for the establishment of two new and renewable energy projects in Egypt, with a total capacity of 100MW and operating according to the feed-in tariff. The investor also has to submit a credit letter from foreign financing institutions within a maximum of six months for solar energy projects and one year for wind power projects.

Source: Daily News Egypt April 26, 2017 18:11 UTC