Elsewedy awarded solar project in Benban, costs USD 70 mn

Elsewedy Electric was awarded a photovoltaic solar energy power plant project in Benban, Aswan, under the second phase of the feed-in tariff program, according to a bourse release. The project comes at an investment cost of USD 70 mn and will produce 65 MW annually. Project funding will be provided by the European Bank of Reconstruction and Development and Agence Française de Développement subsidiary Proparco. Elsewedy expects financial close for the project to be reached before 27 October and for construction to begin in 1Q2018, with the beginning of operations slated for before 2018’s end.