El Sewedy Electric to develop 50MW solar project
Egyptian company pledges to build plant in Aswan under Feed in Tariff system.
El Sewedy Electric has entered into an agreement to develop its first solar power plant in Egypt.
The company has invested $75mn in a subsidiary to set up 50MW project in Aswan around 800km south of Cairo, it said in a stock exchange statement.
"El Sewedy will sell the energy produced from the plant to the Egyptian Company for Transporting Energy at a price of $0.1434 for kilowatt per hour," the company said.
Egypt plans to add up to 12GW of renewable power by 2020. In a first phase it has tendered for 2.3GW of solar photovoltaic and 2GW of wind power.
German giant Siemens recently announced a deal to supply the North African country with 600 wind turbines to generate 2GW.