Saudi Arabia-based renewable power project developer Alfanar Energy will set up a 50 MW solar photovoltaic (PV) plant in Egypt. It has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company. Alfanar Energy has secured $55 million funding for the project from the European Bank for Reconstruction and Development and the Islamic Corporation for the Development of the Private Sector. The plant will be built as a part of the proposed 1.8 GW Ben Ban solar power complex in the Aswan governate in Upper Egypt. The $3.5 billion complex will consist of 41 PV plants developed by 39 private developers under Egypt’s feed-in tariff scheme and will come online in 2018.