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 of facility 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 II FiT 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's Aswan province and will be supported by Egypt's FiT programme for projects of up to 50 MW that is 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 EETC on 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 pivotal element in 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 investment in the region for green energy and scale down the effects of global warming. This partnership will assist the socio-economic development in Benban by providing local population with infrastructure, 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 additional renewable technology projects in solar, wind as well as energy from waste”.
alfanar Company established in 1976 and currently is the region's leading player in the Energy sector, its manpower constitutes to 17,000 plus with more than 2,000 engineers, and turnover 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.
© Press Release 2017
