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FINANCIAL NEWS
Infinity Solar, EETC sign deal to purchase renewable energy in Egypt
23 Oct 2016
(MENAFN) Infinity Solar and the Egyptian Elect Transmission Co. (EETC) signed a deal in order to purchase the former’s renewable energy.
Accordingly, the firm confirmed with the German bank LP to finance the foreign funding for the solar power plant by 85 percent of the whole cost.
Additionally, the project will cost up to EGP150mn, while the German component amounts to 70 percent, in addition to the insurance firm.
Infinity Solar has been able to achieve all the conditions and regulations of the first phase of the FIT projects set by the Ministry of Elect.
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