Managing Director of  the Egyptian Company for Clean Electricity (ECCE), Emad Ghaly, informed  Al-Borsa News that the company is steering investments worth EGP 2b towards the development of solar power stations and a factory to assemble solar cells.

In a joint venture with Germany and France, ECCE will start development of a solar station in the Toshka lakes area to produce 70 MW of energy. The project will cost an estimated $100m, within the next six months, which will be funded by the European Investment Bank.

The company is also planning on using $30m to build a second solar power station  in Beni Suef to produce 20 MW of energy. This is in addition to a facility to manufacture and assemble solar cells at a cost of EGP 20m.  The local production of solar cells is expected to reduce the cost of 1kW of clean electricity to EGP 0.17.