Cairo – Qalaa Holdings on Wednesday said it may start selling electricity from Benban’s project in the Upper Egypt of Aswan to state-run Egyptian Electricity Transmission Co (EETC) this month.
The company has completed the construction of the 50-megawatt solar power plant in Benban Solar Park in collaboration with Hassan Allam Holding, according to a statement to the Egyptian Exchange (EGX).
Revenues of the project are expected to reach around $10.8 million a year, the Cairo-based investment firm noted.
The project has a production capacity of 65 megawatts at a cost of EGP 1.35 billion, according to the statement.
The solar power plant has been implemented under the second phase of the feed-in tariff programme, which will help diversify sources of electricity in Egypt and diminish pollution, the company said.
Earlier this month, Hassan Allam revealed that the construction of the 50-megawatt solar power plant in Benban Solar Park had been completed in partnership with Taqa Arabia, a subsidiary of Qalaa Holdings, at a cost of EGP 1.35 billion.
The solar power plant project is being backed by a loan facility from both the International Finance Corporation, the World Bank’s private sector arm, and the Asian Infrastructure Investment Bank (AIIB).
In August, Qalaa Holdings announced its first investment in generating solar power through photovoltaic (PV) cells at a cost of EGP 1.35 billion in Aswan in collaboration with Hassan Allam Holding.
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