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Egypt is setting up two solar plants with EU funding: Egypt plans to build two solar energy projects for state-owned Egyptian General Petroleum Corporation (EGPC) worth over EGP 1 bn with financing from a European Union grant, according to a statement.
Plant #1: The first plant — an EGP 550 mn project — will generate some 10 MW of power for EGPC subsidiary Assiut Oil Refining Company and is expected to be completed in 11 months. The government has tapped a consortium of state-owned petroleum-focussed contractors Enppi and Petrojet to carry out the project.
Plant #2: Another EGP 500 mn will go towards a 6.5 MW capacity solar energy project for the EGPC, the statement said without disclosing any further details.
Where is the money coming from? The entirety of the projects’ cost will be covered by a grant from the EU. While the statement doesn’t disclose if the grant is part of the recently announced EUR 7.4 bn aid package we’re getting from the EU, it could be part of the EUR 600 mn in grants the bloc is giving us. The EU also earmarked EUR 35 mn to develop our renewable energy capacities under the government’s Nexus for Food, Water, and Energy initiative in 2022.
Remember: The government wants to generate 42% of its electricity from renewable sources by 2030, and wants renewables to make up almost 12% of electricity output this fiscal year.
IN OTHER RENEWABLES NEWS- Bidding for the second half of Zafarana could open this year: The New and Renewable Energy Authority and the Sovereign Fund of Egypt are planning to open up bidding for the second half of the Zafarana wind farm in the latter half of the year, unnamed sources told Al Borsa. Several companies have reportedly already expressed interest in submitting bids and that the winning bid will be chosen before the end of the year, the sources added.
Remember: It looks like the sale of the first half of Zafarana could be wrapping soon, as shipping giant Maersk has reportedly begun due diligence for the 545-MW wind farm in February ahead of submitting a final offer.
