Yellow Door Energy company is planning to implement several solar energy projects in Egypt with investments estimated at $50m.
Omar Sadder, the head of development sector at the company, told Daily News Egypt that the company seeks to implement solar energy plants in Egypt with various capacities up to 20MW.
He added that his company is planning to manage all the phases of its solar energy plants. Long-term contracts were concluded under the build, operate, transfer (BOT) scheme, so that clients can pay for their consumption to the company which would become the only owners of the plant after the contract ends.
Sadder explained that Yellow Door Energy will be offering its services at 15-20% lower prices than the government’s.
Adding, the Egyptian government has created investment regulations and incentives in the sector of renewable energy, however, these regulations require further clarification, especially in terms of direct selling of electricity to consumers and the mechanism of determining the value of electricity transfer fees.
Sadder said that the company’s investments in Dubai and Jordan are estimated at $60m currently. New investments of $150m are planned to be injected by the end of this year.
“Yellow Door Energy relies on its own financial resources. It is also cooperating with several banks in Jordan and Dubai to partially fund the projects. The company has also launched solar energy plants with total 20MW capacities,” he said.
Sadder added that the company offers its prices at 25% lower prices than the government in the UAE. Moreover, the electricity prices in Jordan are lower than those in state-owned companies by 25-50%.
He said that Arab countries are all moving towards investing in the renewable energy, including countries that produce traditional energy like petroleum, coal, and natural gas.
He explained that Egypt ranks third after the UAE and Jordan in the production of new and renewable energy in the Arab world.