Saudi firm Fas Energy, a subsidiary of the Al Hokair Group plans to build a 500MW solar PV plant in Egypt according to numerous local Egyptian media reports that emerged following Saudi Crown Prince Muhammed bin Salman’s recent regional tour.

Financing for the $450mn project is secured with $90mn from the company’s internal funds and $360mn from a consortium of Saudi banks, Fas Energy CEO Sabri Asfour says. He adds that the firm aims to finalize all contracts this month with construction to begin in August and first power from November 2023. No location has yet been announced. (CONTINUED - 235 WORDS)