Infinity Solar signed a contract with the Upper Egypt Electricity Production Company (UEEPC). The latter will buy the power produced by the company’s 1 MW solar power plant in 6th of October City.
Investment manager at the company Taymor Aboul Kheir said that the power plant is located on 5 feddans (5.189 acres). He noted it was established at a cost of EGP 20m and was implemented over three weeks.
He pointed out that Infinity Solar signed the power purchase agreement with UEEPC at the price of the first feed-in tariff scheme, at 13.6 cents per KWh.
The first phase of the project stipulated that companies secure 85% of finance from foreign banks and 15% from local banks.
General manager of the company Ahmed Shams said that the plant uses 1,144 solar panels to put out 1 MW. He noted that the plant should operate efficiently for 25 years.
Moreover, he pointed out that Infinity Solar aims at implementing more electricity projects in the second phase of the feed-in tariff programme, where it is currently studying the feasibility of establishing a 3 MW solar power plant in Upper Egypt.
Infinity Solar was one of 136 companies and alliances that qualified to establish solar power plants and wind farms as part of the feed-in tariff renewable energy projects.
The Ministry of Electricity seeks to implement new and renewable energy projects within the feed-in tariff projects with a sheer capacity of 4,300 MW, including 2,300 MW from solar power plants and 2,000 MW from wind farms.