PHOTO
El Gouna City, an integrated residential project being developed by Orascom Development Holding (ODH), has renewed its partnership with SolarizEgypt to expand an existing 7.2 megawatts (MW) capacity solar photovoltaic (PV) power plant, located in El Gouna City on the Red Sea coast.
Under the agreement, SolarizEgypt will invest 200 million Egyptian pounds ($6.5 million) to build and operate the 7.2MW second phase, bringing the total capacity of both phases to 14 MW, according to a statement by ODH.
The 7.2MW first phase, built at an investment of EGP97 million by SolarizEgypt, started operations in 2022 and meets nearly 16 percent of El Gouna City's energy demand.
Phase 2 is scheduled to start operations in the fourth quarter of 2024, and combined production of both phases is expected to touch 32,000 MWh annually.
Mohamed Amer, CEO, El Gouna City said: " We are committed to protecting and preserving natural resources for future generations. Additionally, El Gouna City continues its plans to meet sustainability standards and reduce its environmental impact by enhancing environmental sustainability practices in the Red Sea Governorate."
Yassin Abdel Ghaffar, Founder & Managing Director, SolarizEgypt said the solar power plant is the largest joint project between two private sector companies in Egypt.
"This project paves the way for a new era of utilising green energy sources. It represents a live experience of private sector investment in alternative energy," he said.
Under the agreement, El Gouna City provides the land while SolarizEgypt invests, builds and operates the solar power plant, with former purchasing the generated electricity under a corporate Power Purchase Agreement (PPA).
The PPA for Phase 1 is 25 years.
(1 US Dollar = 30.92 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
