Masdar plans to invest in 500 MW of solar power generation in Egypt
A week after its wind announcement, Masdar says it plans to invest in up to 500 MW of solar power generation capacity in Egypt.
UAE’s Masdar presented the New and Renewable Energy Authority (NREA) with plans to develop solar power plants with a combined capacity of 500 MW, authority sources told Al Mal. The plants would operate under a build-own-operate framework and will sell electricity to the Egyptian Electricity Transmission Company (EETC) at a price of USD 0.038 per kWh. The move follows the company’s announcement earlier this month of investments in wind power projects, including a partnership with Japan’s Marubeni to invest USD 900 mn in wind parks. Masdar CEO Mohamed Al Ramahi had said last week that the firm plans to develop about 800 MW of wind projects across the country.