TAQA Arabia, a company operating in the field of solar energy, seeks to establish a solar plant in the Zaafarana area with a 5 MW capacity and a cost of $75m.
The agreement is expected to be signed with the New and Renewable Energy Authority (NREA) by mid-December.
Managing Director of TAQA Arabia Pakinam Kafafi told Daily News Egypt that the Zaafarana plant would be established in cooperation with a US company operating in the field of solar energy.
She said a contract was signed to participate in the cost of linking a plant with a capacity of 50 MW in the area of Benban, Aswan to the national unified electricity network. It will also execute the infrastructure work with the Egyptian Electricity Transmission Company (EETC) and NREA with a cost of approximately EGP 40m.
Kafafi said the contract includes establishing a plant to produce electricity from solar energy using photovoltaic cells with a capacity of 50 MW in the area of Benban at a cost exceeding $75m.
The company will sell the produced electricity to the national unified electricity network for 25 years under the feed-in tariff system.
TAQA Arabia aims to expand in solar energy projects and to connect them to the national electricity grid as part of the government’s plan to obtain 20% of its total capacities from renewable sources by 2020, she said.