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World's largest solar park goes online - Daily News Egypt

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World’s largest solar park goes online

EETC to pay EGP 700m for produced energy

Twenty-seven solar power plants in Benban, Aswan have started operation and were connected to the national electricity grid, with a total capacity of 1.2GW, sources in the Ministry of Electricity told Daily News Egypt.

The sources pointed out that Benban solar park will be completed in September, bringing the total capacity to about 1.46GW from 32 plants.

The other five companies will start the trail operation next month, while the commercial operation will be in September.

The sources stressed that the Egyptian Electricity Transmission Company (EETC) is committed to purchase the energy produced from the solar plants regularly at a total price of about EGP 700m.

The EETC buys energy at 8.4 piasters per kW/h. The payment is calculated at 30% of the tariff value, which depends on the Egyptian pound value against the US dollar at the time of issuing the tariff. The remaining 70% is paid in accordance with the exchange rate at the payment date.

According to the agreement, the arbitration, in the event of any dispute between the EETC and investors, shall be conducted at the Cairo Regional Center for International Commercial Arbitration, with the possibility of being transferred to Paris, France, if approved by the contracting parties.

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