El Sewedy Electric Announces Project Financing for Solar Power Project in Aswan, Egypt

Published: Oct 11 2017
Deal Summary

EI Sewedy Electric Co, a power equipment manufacturer, has announced the project financing for the construction and development of solar power plant in Aswan, 800km south of Cairo, Benban province, Egypt. The financinf will be provided by European Bank for Reconstruction and Development (EBRD) and the Agence Francaise de Developpement (French Development Agency) (AFD). The total installed capacity of the power plant will be 50 MW. The total cost of the project is expected to be USD70 million.The investment per MW will be USD1.4 million.

European Bank for Reconstruction and Development (EBRD) will provide USD27 million in the financing of the project, which is signed and approved by EBRD on June 7, 2017. The financial closure of solar plant as part of the feed-in tariff projects is expected by October 22, 2017.

El Sewedy Electric is currently working with the Siemens to complete the remaining stages of the power plant in Beni Suef.

The electricity generated from the power plant will be sold to Egyptian Electricity Transmission Company at a price of USD0.1434 p/kWh under a 25-year power purchase agreement.

On June 15, 2015, EI Sewedy Electric agreed to invest USD75 million in the construction and development of solar power project in Aswan, Egypt.

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