The residents of Fares village in Aswan founded the Fares Solar Village Union for Development and Energy Projects with a capital of EGP 10m.
The residents said that the village has established a consortium of 12 local companies, and it includes 102,000 shares. The new company aims to participate in the implementation of two solar power projects in Aswan. One is implemented by Spanish energy giant TSK with a capacity of 25MW, and the second is implemented by ACWA Power with a capacity of 200MW, which has not been signed yet.
The founders of the company explained that its main objective is to create job opportunities for the people of Fares village. The company will allocate part of its profits for charity in the village.
The Fares Solar Energy Development and Energy Projects Company will be responsible for the design, construction, production, operation, and maintenance of various renewable power plants, distribution networks, as well as the reclamation of power plants’ lands for agricultural production.
The village residents expressed their readiness to manage the affairs of the village’s power plants, such as water and sanitation, employment, and infrastructure.
Egypt plans to generate 20% of the total energy produced by 2022 from renewable resources. Egypt’s total energy production is currently estimated to be 50,000MW, including 2,400MW produced from hydroelectric power, which is an equivalent of 5.5%, in addition to a 1,000MW wind energy, and 170MW of solar energy, which is an equivalent of 2.6%.
About 32 solar power plants in Benban Aswan is estimated to contribute 1,465MW before the end of December. Investments of these projects reached $2.5bn. The projects are financed by international banking institutions, including the International Finance Corporation, and the European Bank for Reconstruction and Development.