Philadelphia signs for 50MW solar project in Egypt
Jordan-based firm to develop single-axis tracking PV system in Binban.
Jordan-based Philadelphia Solar has signed a Memorandum of Understanding (MoU) with the Egypt New and Renewable Energy Authority (NREA) for availing land to build a 50MWac power plant as part of the first wave of projects offered by the Egyptian Government under the Feed-in-Tariff (FiT) scheme.
The MOU specifies the exact coordinates of the piece of land (about 1 million square meters) to be used for the project, the company said in a statement on its website.
The project, which was signed during the third day of the Egypt Economic Development Conference in Sharm El Sheikh, will include the engineering and construction of a single-axis tracking PV system in the south of Egypt (Binban).
Philadelphia will sign a Power Purchase Agreement (PPA) with the Egypt transmission company to sell the generated electricity for $0.143/kWh for a period of 25 years. The Government announced that the PPA draft will be ready for review by the developers in April.
His Excellency Dr. Mohamed Shaker El-Markabi, Egypt Minister of Electricity and Energy, witnessed the signing which took place between Dr. Mohamed Sobki, Chairman of NREA, and Mr. Basim Saleh, CEO of Philadelphia.
Dr. Sobki said: “This will be one of several projects totaling 2,000MW that will be built as part of the first round under the FiT scheme. We are proud to sign one of the first MOUs with Philadelphia, which is a leading regional player and we look forward to seeing the project tied to the grid soon.”
Basim Saleh said: “Our aim is to work with the Egyptian public and private sector partners, and with regional and international financing institutions, to help our Egyptian brothers build much needed electricity capacity through PV generation.”
Philadelphia Solar is a developer of large scale PV power plants and the first manufacturer of PV modules (120MW capacity) and steel structure (300MW capacity) in the Middle East.