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Egypt’s conglomerate Orascom Group has singed Sunday a cooperation agreement with state-run New and Renewable Energy Authority (NREA) to establish a solar powered electricity station with capacity of 50 megawatts.
The signing ceremony was in the presence of Egyptian Minister of Electricity Mohamed Shaker.
The power plant will locate in Kom Ombo, 45 kilometers to the North of Aswan governorate, with investment cost estimated at US$100 million approximately.
The agreement was signed between Orascom’s Naguib Sawiris and NREA’s chairman Mohamed El-Sobky.
From his part, Egyptian tycoon Naguib Sawiris said the plant would be operational within less than 18 months.
