Elsewedy Electric begins developing 50-MW solar project in Egypt

June 15 – Egypt-based cable maker Elsewedy Electric Co (CAI:SWDY) said on Sunday it has commenced developing a 50-MWp solar photovoltaic (PV) power project in Aswan Governorate, Upper Egypt.

The company has established a new firm, called The Egyptian Company for Solar Energy Development SAE (ECSED), to develop, finance, build, own and operate a solar project it was pre-qualified for earlier in 2015.

The project is expected to take up a total investment of about USD 75 million (EUR 66.7m). It will be build on land allocated to the country’s New and Renewable Energy Authority (NREA). Upon completion, the plant will be selling its output to the Egyptian Electricity Transmission Co (EETC) at a price of USD 0.1434 per kWh under a 25-year power purchase agreement (PPA).

As a result, Elsewedy Electric now has 650 MW of renewable energy projects under development at home. The company pointed out it will seek to further expand its local footprint shortly.

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