November 8 (Renewables Now) - Financial close has been reached for a 50-MW solar park project in Egypt, developer Alfanar Company announced on Tuesday.
The photovoltaic (PV) plant will be situated in Aswan province within the 1.8-GW Benban solar complex, aimed at delivering more than 4 GW of wind and solar power capacity. It will operate under Egypt’s feed-in tariff (FiT) programme, selling power to Egyptian Electricity Transmission Co.
The project financing was provided by the European Bank for Reconstruction and Development (EBRD) and the Islamic Corporation for the Development of the Private Sector (ICD), which extended USD 57 million (EUR 49.2m) to Alfanar’s subsidiary Alfa Solar Co. It will be used for the development, construction and operation of the proposed plant.
The project is part of a 800-MW renewables pipeline of Alfanar in Europe, East Africa and South Asia, comprising both solar and wind schemes. The Saudi group noted it will also start work on recently won renewable projects in Spain, India and Kenya, having a combined capacity of 810 MW.
(USD 1.0 = EUR 0.863)