South Korea in Talks to Fund Solar Power Plant in Hurghada

South Korea in Talks to Fund Solar Power Plant in Hurghada

Egypt’s New and Renewable Energy Authority(NREA) Chairman, Mohamed Omran, said that South Korea is in talks to fund a 20MW solar power plant in Hurghada, according to Al Mal. If approved, the plant would cost $35m and the project is set to be operational in 2018.

Moreover, Omran highlighted that the solar power plant will be generated by the photovoltaic system, through which solar energy is converted into electricity using solar panels.

He also mentioned that the solar power plant is expected to produce 32GW/H, which is saving around 7,000 tons boe and reducing the carbon dioxide emissions with about 17,000 tons. Omran pointed out that the feasibility study estimated that the price of the project will be of $853,000.

In related news, ten Egyptian, American, Chinese, French and UAE investors submitted requests to the companies participating in the second phase of the FiT project to contribute or acquire their projects.

Mahinaz El-Baz 312 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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