In a press release published by the Cairo Post, TAQA Arabia announced the signing of a new agreement with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority, which will establish a 50MW solar power plant near Aswan with an investment exceeding $75m.
The agreement allows TAQA to sell the produced energy into the National Unified Power Grid for 25 years under the “Feed-in Tariff Program” – the 2014 program, which guarantees prices and offers incentives for renewable energy projects.
Soon after, the company also announced the planned development of a smaller solar plant in the Zaafarana area along the Red Sea.
The project will generate 5MW of solar power and will also be linked to the national grid.
A company spokesperson said that TAQA was making these arrangements in partnership with the Egyptian government to meet the goal of 20% share of renewable sources in the state’s energy system by 2020.