Arab Finance: The Egyptian government, represented by the Egyptian Ministry of Electricity and Energy, approved the offer submitted by Abu Dhabi Future Energy Company Masdar to establish stations to generate electricity from solar energy with investments exceeding $900 million, according to what Al-Sharq Economy reported.
The offer includes the launch of stations with a total production capacity of about 1,000 megawatts. These projects will be established in Upper Egypt, including Aswan Governorate. The projects will also be established on the “BOO” system – build, operate and own – where Masdar will implement, finance and own the project, provided that the Egyptian Transport Company is committed to The Ministry of Electricity, which is affiliated with the Ministry of Electricity, purchases the entire production from the projects over the life of the station, which reaches about 25 years.
The project, whose cost exceeds $10 billion, will start generating electricity during the year 2032, and the final contracts for the projects and the energy purchase price are being reviewed in preparation for the signing of the related agreements by next October between the New and Renewable Energy Authority – which will allocate the land for the project with a usufruct system. In exchange for 2% of the energy produced from the project – and the Egyptian Electricity Transmission Company, which will purchase the energy produced, and the Emirati company on the other hand.
Masdar will complete these projects and connect them to the national electricity grid before the end of 2025. It will implement them using a photovoltaic cell system and include generating electrical energy using solar panels.
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