CAIRO: Egypt’s energy production and distribution company TAQA Arabia signed Monday a concession agreement with New and Renewable Energy Authority (NREA) to establish a 50MW solar energy plant near Aswan with investment cost worth $75 million, according to a statement.
The agreement has been signed on the sidelines of the second annual energy conference kicked off Monday in Cairo, in the presence of Egypt’s Minister of Investment Ashraf Salman, and top officials from Electricity and Petroleum ministries.
Egypt’s electricity sector has adopted plans to cover 20 percent of its energy needs from renewable sources by 2020, amid efforts to procure energy for running power plants.
TAQA Arabia is the largest private sector energy distribution company in Egypt with over 18 years of experience with diversified sources of energy, investing and operating Energy infrastructure.
Total investments of TAQA Arabia are estimated at 2.3 billion EGP, including the new agreement.
Egypt’s Cabinet approved the issuance of the new energy tariffs and rules of land allocation, with the aim of producing 4,300 MW through private sector’s investment in projects of solar energy and wind farms during 2015-2017.