The move will increase the company’s renewable energy projects portfolio that are under development to 650MW.
The proposed project forms a part of the Feed-in-Tariff (FiT) program for solar and wind energy projects launched by the government of Egypt.
Elsewedy Electric has formed Egyptian Company for Solar Energy Development, which will investment $75m to develop, build, own and operate the solar project.
The plant will be built in Aswan, on a land allocated by Egypt’s New and Renewable Energy Authority (NREA).
The clean energy generated at the solar plant will be sold to Egyptian Electricity Transmission Company for $0.1434 per KWh, under a 25-year power purchase agreement guaranteed by the Ministry of Finance.
Egypt aims to have 2,300MW of solar power energy by 2017/2018 under the FiT scheme, besides the ongoing 10×20 MWp solar PV tender under build, own, operate scheme.
Elsewedy Electric will also look to increase its footprint across the country.
