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El Sewedy Electric to develop 50MW solar project

Egyptian company pledges to build plant in Aswan under Feed in Tariff system.

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Egypt, El sewedy, Solar, News

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.

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