Cairo – Mubasher: Swicorp Company on Thursday unveiled it has achieved headway towards the construction of the 186-megawatt photovoltaic power project in Egypt in collaboration with its Spain-based partner Acciona Energia.

The PV power project is Swicorp’s first renewable energy investment following the launch of its dedicated Renewable Energy Investment Platform “ENARA” across Africa and the Middle East, according to a statement.

ENARA Bahrain, managed by Swicorp, and ACCIONA Energia will eventually own of three solar PV plants, 50% each, with a combined capacity of over 180 megawatts in the Benban solar Park in the Upper Egypt governorate of Aswan, the statement added.

Total projects will be implemented at a cost of around $190 million, which will be financed by the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), the Industrial and Commercial Bank of China (ICBC), and the Europe Arab Bank (EAB), Swicorp highlighted.

“These projects represent our first investment under ENARA, our Renewable Energy Investment platform. We are very proud to be working with our partners ACCIONA and are looking forward to materializing further projects in our pipeline across the MEA Region,” executive director at Swicorp UAE and head of ENARA Renewable Energy Investment Platform Rabeaa Fattal commented.

The projects in the North African nation are being developed under the feed-in tariff system and were granted a 25-year power purchase agreement, upon which power will be sold to the state-owned Egyptian Electricity Transmission Company (EETC).