Arab Finance: A Japanese consortium was chosen to establish a solar power station in Hurghada at a cost of 90 million euros and with a capacity of 20 megawatts. The consortium may choose a local partner to design and implement the project, in addition to operating and maintaining it for two years, according to Al Mal.
The alliance consists of two companies – Mitsubishi and another company whose name was not revealed – and was the only one participating in the tender, after a condition from the financing party that the project be limited to players in the Japanese market only.
The Japan International Cooperation Agency (JICA) agreed to provide a $106 million loan to the New and Renewable Energy Authority for the project. At the time, operations at the power plant were scheduled to begin in mid-2019.
The government is currently negotiating with the Japanese side regarding the financial aspects, and the final contract is expected to be concluded in the last quarter of 2024, with the station starting to operate in 2026. The New and Renewable Energy Authority obtained the necessary licenses for the project and an electrical cable was established to connect the station to the electricity transformers.
Related news
