Egypt’s El Sewedy Electric and Infinity Solar submitted bids to build 30MW and 250MW solar power plants in Kenya, said Khaled Abul Makarem, Head of the Committee responsible for increasing exports to Africa, according to Al Mal.
Abul Makarem said that purchase tariff covers costs of constructing the two stations, and would achieve good profit margin for El Sewedy Electric and Infinity, Arab Finance reported.
The two companies will fund the plants with their own investments and will sell electricity to the Kenyan government as per its feed-in tariff program.
Abul Makarem also pointed out that the African market imports are valued at $700b currently, 5% of which can be seized by Egyptian exporters by 2020, instead of 1% currently.
On the other hand, HR and administrative director at Infinity for Solar Systems, Hesham El Gamal, said that the company is prepared to penetrate the Kenyan market and run projects there in the coming period. Thus, it worth noting that an Egyptian business delegation of 55 firms including El Sewedy Electric and Infinity visited Kenya during February.