The Egyptian Prime Minister, Moustafa Madbouly, witnessed the signing of an agreement to purchase energy for a solar power generation project under a Build-Own-Operate (BOO) system, with a capacity of 200 megawatts (MW) and worth nearly $200 million, in Kom Ombo, Aswan.

According to a government statement, the Minister of Electricity and Renewable Energy, Mohamed Shaker, indicated that the purchasing price of electricity with the new project will be 2.48 cents for each kilowatt per hour (kWh), noting that this is the lowest price they’ve reached till now.

This agreement came within the framework of implementing the government’s strategy to expand the use of renewable energy resources, aiming to contribute 20% of the total energy generated by 2022, the Egyptian Electricity Transmission Company’s (EETC) Chairman, Sabah Mashali, reported. He also added that the project will have a positive impact on the environment, as it will cut back 920 thousand tons of carbon dioxide emissions annually.