Arab Finance: A Japanese consortium led by Mitsubishi has been selected to develop a €90-million 20-megawatt solar power plant in Hurghada, Al Mal News reported, citing an unnamed source from the Ministry of Electricity.

The consortium, which was the sole participant in the tender, may partner with a local company to design, construct, operate, and maintain the plant for two years.

The project, which was set to begin operations in mid-2019, experienced delays since 2016 until the Japan International Cooperation Agency (JICA) agreed to provide a $106 million loan to the New and Renewable Energy Authority (NREA).

Final negotiations between the Egyptian government and the Japanese consortium are ongoing, with the final contract anticipated to be signed in the fourth quarter (Q4) of 2024.

The plant is projected to start operations in 2026.

NREA has already secured the necessary licenses and established the electrical connections to link the station with transformers.

Notably, the Hurghada solar station will be Egypt’s first solar power plant equipped with a battery for energy storage.

This project is part of a broader plan to expand renewable energy capacity in Egypt, with a target to add 28 gigawatts of renewable energy to the country’s energy mix over the next five to seven years.

 

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