Al Subh SAE 50 MW Solar PV project is located in Benban, Egypt.  This project was awarded as part of the  Feed In Tarif (FIT) Round II. The new LLC company (special purpose vehicle) established to develop the 50 MW solar project signed a 25-year term Power Purchase Agreement (PPA) with the Egyptian Electricity Company  (EETC). The project is backed by the Ministry of Finance for payment guarantees.  The project reached financial close in Q3-2017 and started commercial operation in Q3-2019.  The project is funded by International Financial Corporation (IFC) on a long-term non-recourse basis.