ICD provides Alfa Solar with USD 28.5 mn for Benban solar power plant project

The Islamic Corporation for the Development of the Private Sector (ICD) and Alfa Solar signed an agreement for USD 28.5 mn in shariah-compliant funding. The funding will go towards financing part of the development, construction and operation of a 50 MW PV solar power plant project in Egypt. ICD and Alfanar are also partnering with the EBRD, which is providing a similar amount to the project. Alfa Solar’s project will be located in Benban and is part of Egypt’s second phase of the feed-in tariff program. ICD is the private sector arm of the Islamic Development Bank and Alfa Solar is a subsidiary of Alfanar company.