The Egyptian Ministry of Electricity and Renewable Energy has approved a bid from the Abu Dhabi Future Energy Company (Masdar) to develop solar power plants with investments exceeding $900 million according to an official source.
The proposal includes constructing power plants with a combined capacity of around 1,000 megawatts in Upper Egypt, including the Aswan region. Masdar will execute and fund the project under the build, own, operate (BOO) model. The Egyptian Electricity Transmission Company (EETC) has agreed to purchase the entire energy output for approximately 25 years, the source added.
Final contracts and energy pricing agreements are under review and are expected to be finalised between the New and Renewable Energy Authority (NREA) and EETC by October. NREA will allocate land for the project based on a usufruct agreement, receiving 2% of the generated energy in return.
Masdar aims to complete these projects and link them to Egypt’s national grid by the end of 2025, utilising photovoltaic cells and solar panels. The company is also expected to partner with an Egyptian firm to manage the civil works for the project.
