The Egyptian Electricity Transmission Company (EETC) plans to sign a power purchase agreement with Saudi Arabian Al Fanar Company. In a Daily News Egypt report, Director of Al Fanar’s Renewable Energy Projects in Egypt, Mohamed Abdel Karim, said the Saudi firm paid the third installment of the cost-sharing agreement after an increase of its value by about 35%.
The PPAs with renewable energy companies under the Feed-in Tariff (FiT) program are signed as soon as the projects reach financial closure.
It was also revealed that Al Fanar achieved financial closure on a new 50-MW solar plant in Egypt. The $100-million project is being financed by the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank (IDB).
Alfanar Company has allocated $200 million towards two new and renewable energy projects in Egypt, with a total capacity of 100 MW according to the second phase of the FiT program.