Cairo – Mubasher: Elsewedy Electric announced that its two solar photovoltaic (PV) power plants have reached full commercial operation.
With a total investment value of $140 million, the projects will produce 290 gigawatt hours (GWh) annually to power above 140,000 households, cutting 120,000 tonnes of carbon dioxide per year, Elsewedy Electric said in a statement to the Egyptian Exchange (EGX) on Monday.
Situated in Benban in the governorate of Aswan, the two plants were developed jointly with Electricite de France's EDF Renewables as part of the second phase of the Renewable Energies Feed-in-Tarrif (FiT) programme launched by the Egyptian government.
The European Bank for Reconstruction and Development (EBRD) and France’s Proparco, a subsidiary of Agence Française de Développement (AFD), have equally financed the two solar plants which will provide the Egyptian Eelectricty Transmission Company (EETC) with clean energy under a 25-year power purchase deal.
During the first quarter of 2019, Elsewedy Electric posted a net profit of EGP 955.51 million, compared to EGP 1.431 billion in the year-ago period.
Meanwhile, the company’s costs of revenues grew by 14.05% year-on-year to EGP 9.413 billion in the three-month period ended 31 March from EGP 8.254 billion.
As for standalone business, Elsewedy Electric’s profits fell by 58.5% to EGP 17.61 million in Q1-19, compared to EGP 42.45 million in Q1-18.
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