ABN – Building Energy has signed an agreement with New & Renewable Energy Authority for the construction of two 50 megawatt photovoltaic plants in Egypt.
It is the company’s first venture in the country and the project is estimated to be worth around US$200 million.
Carbon dioxide emissions are expected to be cut by 100,000 tonnes by the plants.
Around 140 gigawatts of energy will be produced by each plant every year and the plants will be connected to the line that links Asswan to Cairo.
More than 50,000 families are expected to benefit from the project and construction is scheduled to start on the project in the summer of next year.
Building Energy MD Cornelius Matthes said: “We are delighted to announce our first two projects in Egypt.
“The country is blessed with world-class solar and wind resources and has established an extremely well-managed programme under which it aims to produce at least 20% of its total power from renewable sources by 2020.
“This is why the Egyptian government has implemented a series of concrete steps to facilitate foreign investments, in order to meet the increasing energy needs and support the economic growth of the country.”