CAIRO: TAQA Arabia Solar Power Company S.A.E., a subsidiary of TAQA Arabia ‘Power Arm’, the Egyptian Electricity Transmission Company (EETC) Chairman Gamal Abdel Raheem, and the New and Renewable Energy Authority (NREA) Chairman Mohamed El-Sobki signed a Cost Sharing Agreement to enhance connectivity to the National Unified Grid for Power and Basic Infrastructure Works. The EGP 40-million Agreement was signed in the presence of Egypt’s Minister of Electricity and Energy Mohamed Shaker.
This agreement gives the green light to TAQA Arabia to establish a 50MW PV solar energy plant in Benban Village in Aswan, with investment cost exceeding USD 75 million.
TAQA shall sell the generated power to the National Unified Power Grid for a term of 25 years under the umbrella of the Feed-in Tariff (FIT) Program.
“Today, we are building a better future for our children. This Agreement comes in the framework of TAQA Arabia’s plan to expand the share of its Power Arm in the Egyptian market since it is a natural-resource-rich market,” said Engineer Khaled Abu Bakr, Chairman of TAQA Arabia. “This Agreement also conforms to the government of Egypt’s (GoE) plan to increase the country’s capacity to address power shortages in order to hop on the economic growth train.”
“The GoE aims at producing 20% of Egypt’s energy from renewable energy sources by 2020. We are all joining our efforts to reach this goal,” said Pakinam Kafafy, CEO of TAQA Arabia. “The fruit of this cooperation is the Agreement signed today between TAQA Arabia, EETC, and NREA to draw on their wide experience in energy, renewable energy, investment, and strategic planning” she added.
Finally, the Managing Director of TAQA Arabia Power Arm Hesham Wagdy asserted that TAQA has already started implementing the solar power generation project. The implementation started as soon as TAQA signed the Memorandum of Understanding with NREA on 25/05/2015, acquired the project land, and received the required license from the Egyptian Electric Utility and Consumer Protection regulatory Authority. Worth mentioning that TAQA Arabia Solar Power Company is the first developer ever to install a solar power meter in Benban Village, Aswan Governorate.
The preceding was a press statement and does not reflect the editorial policy of The Cairo Post.