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Monday, 13 June 2016

Saudi’s Al Fanar signs agreement to borrow EGP 800 from QNB Egypt

Saudi’s Al Fanar as signed an agreement with Qatar National Bank Egypt for an EGP 800 mn loan to finance a 50 MW solar power plant in Egypt, Al Shorouk reported. The company is looking to obtain a separate EGP 2.5 bn loan to finance a 200 MW solar power plant, sources said. The two plants are Al Fanar’s first renewable energy projects, having already established two companies for the projects in accordance with the regulations of the Egyptian Electric Utility and Consumer Protection Regulatory Agency.

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