EDF EN, Elsewedy to jointly add 100 MW of solar in Egypt
Solar panel installation in Egypt. Source: EBRD (www.ebrd.com).
EDF Energies Nouvelles (EDF EN) has teamed up with Elsewedy Electric Group to build and operate two solar power plants in Egypt with a combined capacity of 100 MW.
The renewables arm of France’s EDF SA (EPA:EDF) said on Thursday that financial closing for the projects was reached on October 25. It added that the schemes have a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC).
EDF EN and Elsewedy have decided to join forces after both qualifying for 50 MW under Round 2 of the solar feed-in tariff (FiT) programme launched by the government of Egypt in 2015. Their joint effort will contribute to the 1.8-GW Benban solar park in Aswan, Upper Egypt. Earlier today, Scatec Solar ASA (OSL:SSO) said it had achieved financial close for six solar projects totalling 400 MW that will form part of the same complex.
The European Bank for Reconstruction and Development (EBRD) and Proparco are jointly financing the EDF-Elsewedy projects.
The French company expects construction works to start in the first quarter of 2018, subject to clearance by the Egyptian authorities.