01 June 2017

Alfanar Energy, a major player in the power and water sector in the region, recently signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 50-MW photovoltaic (PV) power plant under the feed-in-tariffs programme in Egypt. 

The PPA was signed by Gamal Abdel Rahem, EETC chairman, and Sabah Al Mutlaq, the vice-chairman of the Saudi-headquartered alfanar Group, in the presence of Jamal Wadi, CEO of alfanar Energy. 

alfanar Energy’s new project in Egypt is an independent power project (IPP) for a 50 MW solar PV plant located at the proposed 1.8 GW Benban solar complexes in the Aswan governance of Egypt. 

alfanar Energy is a wholly-owned subsidiary of Alfanar Group. As a leader in the region’s energy sector, alfanar Energy said it has the capabilities to compete and expand internationally as a key player in renewable energy backed by more than 40 years of experience and resources in green and sustainable energy.  The company aims to continue its expansion worldwide.

The project will be one of the first utility-scale solar plants in Egypt. It is expected to be among the first few to reach financial closure and contribute towards Egypt’s new approach in renewable energy.  

alfanar Energy has secured non-recourse finance for the project in the order of $55 million from the European Bank for Reconstruction and Development and the Islamic Corporation for the Development of Private Sector.

alfanar Energy is a global developer in the field of renewable energy (PV, CSP and wind technologies), IWP (independent water projects) and IWWT (independent waste water treatment projects), conventional energy power projects (coal, petcoke, gas/oil), biomass, geothermal and WTE projects. 

Established in 1976, alfanar Group is the region’s leading player in the manufacturing sector, EPC business, and design and development, and has built a host of facilities in the Middle East and 17 other countries.

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