Ahmed El Sewedy, chairman of El Sewedy Electric, told Daily News Egypt that his company will be able to complete the financial closure of a solar power plant in Benban Aswan as part of the feed-in tariff projects within 10 days.
He explained that the project is worth about $70m and will be financed by the European Bank for Reconstruction and Development (EBRD) and the French Development Agency (AFD). The construction work is expected to start in the first quarter of next year.
El Sewedy noted that the company acquired a plot of land to launch the project and signed an energy purchase agreement with the Egyptian Electricity Transmission Company (EETC). The financial closure and obtaining the licenses from the Egyptian Electric Utility & Consumer Protection Regulatory Agency are the two steps remaining.
He added that the feed-in tariff projects attract investors, where many companies intensifying their negotiations in the current period to complete the financial closure before 28 October: the date set for the termination of the tariff system in accordance with the law and regulations.
He pointed out that the company aims to develop its portfolio in the new energy market in Egypt, and developed a strategy in line with the national plan to produce 20% of energy from renewable sources before 2022.
He said that El Sewedy Electric is competing for a large number of tenders and projects put forward by the government, and is currently working with the German company Siemens to complete the remaining stages of the power plant in Beni Suef.