ELF Energy and the Structural and Geotechnical Research Centre (SGRC) signed a $200 million build, own, operate and transfer (BOOT) contract to construct the largest solar power plant in West Africa with a capacity of 200 megawatts (MW), according to Al-Boursa.
SGRC General Manager Sherif Ezzat stated that the project will be implemented in two phases. The first phase will take about 16 months from the contract date at a capacity of 15 MW. Whereas the second phase will take up to 40 months from the contract date with a capacity of 185 MW. He added that 70% of finance will be through loans from international development institutions, while the remaining 30% will be financed by the two companies.
The project will be the largest in the west of the continent, and three times larger than its previous biggest project with a production capacity of 70 MW. Not only that but it offers a very attractive return at a price of $0.07 per kilowatt, representing a return on investment (ROI) of 20%.
For his part, Islam Suleiman, CEO of ELF Energy, noted that this alliance aims to seize several opportunities in Africa’s electricity and renewable energy sector in order to bridge its energy gap.