Com­ple­tion of fi­nan­cial clo­sure of so­lar power sta­tion within 10 days: El Sewedy

EPRD and AFD fi­nance the for­eign tranche of the pro­ject

The Daily News Egypt - - Business - By Mo­hamed Farag

Ahmed El Sewedy, chair­man of El Sewedy Elec­tric, told Daily News Egypt that his com­pany will be able to com­plete the fi­nan­cial clo­sure of a so­lar power plant in Ben­ban Aswan as part of the feed-in tar­iff projects within 10 days.

He ex­plained that the pro­ject is worth about $70m and will be fi­nanced by the Euro­pean Bank for Re­con­struc­tion and Devel­op­ment (EBRD) and the French Devel­op­ment Agency (AFD). The con­struc­tion work is ex­pected to start in the first quar­ter of next year.

El Sewedy noted that the com­pany ac­quired a plot of land to launch the pro­ject and signed an en­ergy pur­chase agree­ment with the Egyp­tian Elec­tric­ity Trans­mis­sion Com­pany (EETC). The fi­nan­cial clo­sure and ob­tain­ing the li­censes from the Egyp­tian Elec­tric Util­ity & Con­sumer Pro­tec­tion Reg­u­la­tory Agency are the two steps re­main­ing.

He added that the feed-in tar­iff projects at­tract in­vestors, where many companies in­ten­si­fy­ing their ne­go­ti­a­tions in the cur­rent pe­riod to com­plete the fi­nan­cial clo­sure be­fore 28 Oc­to­ber: the date set for the ter­mi­na­tion of the tar­iff sys­tem in ac­cor­dance with the law and reg­u­la­tions.

He pointed out that the com­pany aims to de­velop its port­fo­lio in the new en­ergy market in Egypt, and de­vel­oped a strat­egy in line with the national plan to pro­duce 20% of en­ergy from re­new­able sources be­fore 2022.

He said that El Sewedy Elec­tric is com­pet­ing for a large num­ber of ten­ders and projects put for­ward by the gov­ern­ment, and is cur­rently work­ing with the Ger­man com­pany Siemens to com­plete the re­main­ing stages of the power plant in Beni Suef.

The pro­ject is worth about $70m and will be fi­nanced by the Euro­pean Bank for Re­con­struc­tion and Devel­op­ment (EBRD) and the French Devel­op­ment Agency (AFD)

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