Building Energy bags $200mn PV projects in Egypt
Italian firm to develop pair of 50MW solar plants in Benban.
Italy’s Building Energy announces has signed an MoU to develop two 50MW photovoltaic plants in Egypt.
The independent renewable power producer was awarded the $200mn project in Benban, upper Egypt by the New & Renewable Energy Authority.
By means of a 25-year Power Purchase Agreement, the plants will be connected to the 220 kV high voltage line linking Aswan to Cairo.
Construction of the project will start in summer 2016 and will last 12 months, the company said in a statement.
Each plant is expected to generate around 143 GWh per year, contributing to the reduction of over 100,000 tons of CO2 and satisfying the energy needs of 50,000 families.
The project will create more than 1,000 jobs during construction and a further 70-80 long-term jobs during operation.
“We are delighted to announce the kick-off of our first two projects in Egypt. The country is blessed with world class solar and wind resources and has established an extremely well managed program under which it aims to produce at least 20% of its total power from renewable sources by 2020,” said Cornelius Matthes, Building Energy’s managing director of the Middle East and North Africa.
“Other MENA countries will hopefully soon follow Egypt’s important leadership to deploy renewable energy on a large scale.”
Building Energy has been present in the Middle East and North Africa region since early 2014 with its Dubai office, from which it manages and coordinates all the projects in the area.
Besides the Benban project, in Egypt Building Energy is also the leader in a short-list consortium for the development of a 200 MW PV plant in KomOmbo.
Building Energy was also shortlisted for other large-scale photovoltaic projects in Jordan and boasts a sizable pipeline of projects in other countries like Saudi Arabia, Qatar, the United Arab Emirates and Kazakhstan.