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SolarizEgypt, which finances, installs and operates photovoltaic (PV) solar power plants in Egypt, has completed the first phase of its 7.128 MWp (Megawatt peak) solar power plant in Orascom Development’s El Gouna township in Hurghada.
The firm’s founder and Managing Director Yaseen Abdel Ghaffar told Zawya Projects that El Gouna provided the land while SolarizEgypt is responsible to financing, building and operating the solar power plant
He said the project, which is backed by a 25-year corporate Power Purchase Agreement (PPA), is financed by a loan of 97 million Egyptian pounds ($4.3 million) from the European Bank for Reconstruction and Development and the Arab African Bank.
Abdel Ghaffar said the project will produce 14 gigawatt hours annually when complete,” adding that it will power the street and building lighting systems in El Gouna.
“SolarizEgypt’s plant will cover 16 percent of El Gouna’s power requirements,” said Mohamed Amer, CEO, El Gouna.
He told Zawya Projects that the township has set a target to meet 33 percent of its power requirements from solar.
In February 2022, the company had signed an agreement to set up a 1.5 MW solar power plant for Orascom Development’s Makadi Heights project.
In 2020, SolarizEgypt had implemented Egypt’s first corporate PPA solar power project with a capacity of 1 MW capacity for Coca-Cola’s Sadat City plant.
Earlier this year, the company had entered a new partnership with European independent solar power producer Amarenco & Co. to co-develop 300MW of assets at an estimated budget of 4 billion Pounds ($255 million) in the next four years.
(1 US Dollar = 22.80 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
