Elsewedy Electric reaches commercial operations for solar PV plants in Aswan

CAIRO – 19 August 2019: Elsewedy Electric announced Monday reaching a full commercial operation for its two solar photovoltaic (PV) power plants, as part of the second phase of the Renewable Energies Feed-in-Tarrif (FiT) programme launched by the Egyptian government.

Elsewedy added in a filing to the Egyptian Exchange (EGX) that the projects capacity is 130 (2x65) MWp., with estimated annual 290GWh of electricity produced by both projects, which will power more than 140,000 households while avoiding more than 120,000 tons of CO2 a year.

With a total investment value of $140 million, 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 with an amount of $111 million.

The filing elaborated that Elsewedy Electric and Électricité de France’s EDF Renewables, jointly and equally developed, financed, built, own and will operate the two projects located in Benban, Aswan.

The two solar plants will provide the Egyptian Electricity Transmission Company (EETC) with clean energy under a 25-year power purchase deal, according to the filing.

“Having those two projects reaching commercial operation successfully today extends the IPPs-portfolio under ELSEWEDY ELECTRIC to include solar photovoltaic in addition to our existing wind and hydro IPPs, being one of the pioneer-companies in the region with such diversified portfolio of investment and management in renewable energies supplemented by our proven references as main EPC-contractor for the three technologies,” President and CEO of ELSEWEDY ELECTRIC Ahmed Elsewedy said.

In June, ElSewedy Electric Company announced entering into a share purchase agreement with R.F. Energy S.A, which is a subsidiary of F.G Europe S.A., to acquire the whole stake of the share capital of four companies in Greece for a total consideration of €55 million.

During the first quarter of 2019, Elsewedy Electric recorded a net profit of LE 955.51 million, compared to LE 1.431 billion during the same quarter of 2019.

Elsewedy Electric operates within the capital goods sector, focusing on electrical components and equipment. It has subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.