The Egyptian Ministry of Electricity and Renewable Energy announced on Monday that it has approved a bid from the Abu Dhabi Future Energy Co., also known as Masdar, to build solar power plants with over $900 million in investments, an official source told Asharq Business.
The offer includes constructing power plants with a total capacity of approximately 1,000 megawatts in Upper Egypt, including Aswan, the official said.
Masdar will carry out and finance the project under the build, own, operate model, while the Egyptian Electricity Transmission Co. will commit to purchasing the entire produced energy for about 25 years, he added.
The final contracts and energy purchase price agreements are currently under review. The official expects the New and Renewable Energy Authority and the EETC to sign them by October.
He highlighted that NREA will allocate land for the project based on the usufruct system in exchange for 2 percent of the generated energy.
Masdar aims to complete these projects and connect them to Egypt’s national grid by the end of 2025, using photovoltaic cells and solar panels, the official said, expecting Masdar to select an Egyptian partner to handle the project’s civil works.
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