Alfanar has closed the financing for the construction and development of a 50MW solar PV plant. The plant’s location is in the 1.8 GW Benban solar complex in Egypt’s Aswan province. The solar project in Egypt aims to encourage the growth of renewable energy in the region.
The solar project is the first of Alfanar’s current pipeline of 800MW investment projects. Others from the same firm are spread across Europe, East Africa and South Asia. This is in both solar and wind.
Last month, Alfa Solar Company, signed the facility agreement for US$57m. The consignees were the European Bank for Reconstruction and Development (EBRD) and Islamic Corporation for the Development of the Private Sector (ICD).
CEO of Alfanar Energy Jamal Wadi termed the projects a testimony to the changing standard in the energy field. They are also a testament to the possibility of the delivering equal and long term value to countries and developers.
Khaled Al-Aboodi, CEO of ICD, further added that ICD is financing this solar project in Egypt to encourage the renewable energy in the member countries. ICD looks forward to work with Alfanar and other investors to improve the business climate for renewable energy.
According to Alfanar, the project is 100% compliant with the country’s green economy evolution approach. After completion, the project focuses on supporting the expansion of renewable energy generation to meet Egypt’s targets. It will also neutralize 900,000 tonnes of CO2 emissions each year.
With the launch of this project, Alfanar group further aims to deliver newly won 720MW wind project in Spain, 50MW wind project in India and 40MW Solar PV project in Kenya.