The Egyptian Electricity Transmission Company (EETC) has signed a Power Purchase Agreement (PPA) with Saudi Arabia’s alfanar Energy for 50 megawatt (MW) PV plant under feed-in-tariff program in Egypt, Saudi Gazette reports.

The Saudi energy firm has secured non-recourse finance of USD 55 mn for the project from the European Bank for Reconstruction and Development (EBRD) and the Islamic Corporation for the Development of Private Sector (ICD).

The project is located at the proposed 1.8 gigawatt (GW) Benban solar complexes in Aswan.

Expected to be among the first few to reach financial closure, the project will be one of the first utility scale solar plants in Egypt, the news website says.