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Elsewedy Electric, EDF Renewables reach deal for solar PV projects in Egypt

Elsewedy Electric, EDF Renewables reach deal for solar PV projects in Egypt

ArabFinance: Elsewedy Electric S.A.E (SWDY), a leading Integrated Energy and Infrastructure Solution Provider in the Middle East and Africa, reached the full commercial operation successfully for its two solar photovoltaic (“PV”) power plants developed as a part of Egypt’s Round II of the Renewables Energies Feed-in-Tariff (“FiT”) program for solar and wind energy projects launched by Egypt.

Elsewedy Electric, jointly and equally with Électricite De France’s EDF Renewables, developed, financed, built, own and will operate the two projects located in Benban, Kom Ombo, Aswan Provenance, approx. 830km south-Cairo.

The projects capacity is 130 (2x65) MWp. Th estimated annual 290 GWh of electricity produced by both projects will power more than 140,000 households while avoiding more than 120,000 tons of CO2 a year.

The projects with a total investment value of approx. $140 million, were granted finance amounting $11 million from the European Bank for Reconstruction and Development (EBRD) an the French PROPARCO (Groupe Agence Française de Développement – AFD). Both reputable financiers have equally financed the projects which will supply green energy to the off-taker, the Egyptian Electricity Transmission Company (EETC), under a twenty-five years power purchase agreement (PPA).

“Having those two projects reaching commercial operation successfully today extends the IPPs-portfolio under Elsewedy Electric to include solar photovoltaic in addition to our existing wind and hydro IPPs being one of the pioneer-companies in the region with such diversified portfolio of investment and management to in renewable energies supplemented by our proven references as main EPC-contractor for the three technologies,” commented Ahmed Elsewedy, President and CEO of Elsewedy Electric.

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