A total of EGP 500m in investments will be injected by the Modern Company of Real Estate Investment (MCR) into an integral compound operated by solar power.

The compound will be located in Shorouk City, and will be spread over a space of 10,000 feddans, with the project involving 50 villas and seven buildings.

It will need a 1 MW solar station for the project to operate, depending on solar power, Mohamed Abd Elmohsen, the company’s Chairman, said in an official statement.

MCR will run a global tender to choose the company that will be responsible for implementing the 1 MW solar power plant.

The project is expected to be delivered by March 2018, or in three years, whereby constructing and maintenance company Dar-Elemara will be responsible for executing the project.

Construction costs are expected to increase by 20%-25% due to the high costs of solar energy, although the company will endeavour to offer competitive prices to its customers, according to Abd Elmohsen.

He added that clients will be offered the possibility to pay in instalments, to start with a 15% down-payment, and the remainder to be paid over five years.

Source: Daily News Egypt