Egyptian cable maker El Sewedy Electric announced today that it had signed an agreement to develop a 50 megawatt solar photovoltaic energy power plant in the Upper Egypt region.
The power plant will be built in Binban near Aswan, around 800 km (500 miles) south of Cairo.
El Sewedy formed the Egyptian Company for Solar Energy Development, a subsidiary that it will invest about US$75 million in, which will be in charge of developing, funding, owning and running the power plant, the cable maker said in a statement to Egypt’s bourse on Sunday.
Egypt is aiming for renewable energy to contribute 20 percent to the country’s overall energy usage by 2020.
“El Sewedy will sell the energy produced from the plant to the Egyptian Company for Transporting Energy at a price of 0.1434 for kilowatt per hour,” the company said.
