ALFANARpartners with European bank for Reconstruction and Development (EBRD) & Islamic Corporation for the development of the private sector(ICD) by signing facility agreement for financing of 50 MW solar PV project in Egypt
Alfanar Company, a leading Saudi based electrical power company in middle east announced the signing offacility agreement for $57 million between its subsidiary- Alfa Solar Company, European Bank for Reconstruction and Development (EBRD) and Islamic Corporation for the Development of the Private Sector(ICD).
The EBRD loan will be complemented by a parallel loan of up to US$ 28.5 million provided by the Islamic Corporation for the Development of the Private Sector (ICD) would comprise a secured long term loan for the construction of 50 MW Solar PV projects under Egypt’s round IIFiT scheme. Project will be 100% compliant with the Country’s Green Economy Evolution Approach and will support the expansion of renewable energy generation to meet Egypt’s targets in this area including its Intended Nationally Determined Contribution.
The Project will be among the rst utility scale solar project to be implemented in Egypt exposing the country’s signicant renewable energy potential. All of the facilities will be located in the proposed 1.8-GW Benban solar complex in Egypt’sAswanprovinceandwillbesupportedbyEgypt’sFiTprogrammeforprojectsofupto50MWthatis aimed at delivering more than 4 GW of wind and solar power capacity.
This project will offset 900,000 tonnes of carbon dioxide (CO2)emissions each year, once operational. The Power Purchase Agreement (“PPA”) for the project was signed by the Project Company with EET Con May 7th 2017.
Mr.Sabah Mohammed Al Mutlaq, Chairman of Alfa Solar and Vice-chairman of Alfanar group, said,“The collaboration with EBRD and ICD for nancing this project had been a pivot alelementin taking the project forward. Globally, countries are experiencing the effects of climate change and renewable energy investors and nancier’s role is vital to cultivate more investmentintheregionforgreenenergyandscaledowntheeffectsofglobalwarming.Thispartnership will assist the socio-economic developmentinBenbanbyprovidinglocalpopulationwithinfrastructure, job creation and skills training. The region has tremendous potential when generating power from the natural resources, and Alfanar will continue to actively consider venturing with EBRD as well as ICD for additionalrenewabletechnologyprojectsinsolar,windaswellasenergyfromwaste”.
alfanarCompanyestablishedin1976andcurrentlyistheregion’sleadingplayerintheEnergysector,its man power constitute st o17,000plus with more than 2,000 engineers,and turn over exceeds$2.15 billion (2016). alfanar Group, activity portfolio covers Integrated Development, Financing, Engineering, Construction, Testing & Commissioning, Technical services, Civil works, MEP works, Operation and Maintenance for Power, Water, Oil & Gas projects and manufacturing of power electrical equipment with research and development centers globally. As a Saudi based company, alfanar is strategically supported by its back offices in Portugal, UAE , Egypt,Qatar,UK, India and Spain.
Source: ALFANAR
