UAE’s Al Nowais to establish 700MW renewable energy plants in Egypt

Egyptian Electricity Transmission Company and Al Nowais Investments will sign an agreement to build $750mln renewable energy plants

  
Image used for illustrative purpose A wind turbine is seen over the panels of a solar power plant of Korea South East Power Co. (KOSEP) in Incheon, in this file photo taken September 30, 2010. Image used for illustrative purpose

Image used for illustrative purpose A wind turbine is seen over the panels of a solar power plant of Korea South East Power Co. (KOSEP) in Incheon, in this file photo taken September 30, 2010. Image used for illustrative purpose

REUTERS/Jo Yong-Hak

The Egyptian Electricity Transmission Company (EETC) and Al Nowais Investments will sign an agreement on Tuesday to build $750m renewable energy plants in Egypt, with a total capacity of 700MW, a senior official in the Electricity Ministry told Daily News Egypt.

The Emirati company would build a 200MW solar plant in Kom Ombo region of Aswan with $200m investments, and the EETC would buy the plant’s production at about 2.48 piasters per kWh.

Al Nowais would also establish a 500MW wind farm in the Jabal Al-Zayt area with $550m investments, and the EETC would purchase the electricity produced from the project at about 3.1 piasters per kWh.

Earlier in October, the Electricity Ministry cancelled Al Nowais’ coal-fired power station project in Oyoun Mousa, however, the Emirati company notified the government of its desire to rather implement renewable energy projects.

© 2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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