Elsewedy Electric has started commercial operation of two solar photovoltaic projects that were developed within the second phase of the government-initiated feed-in tariff for solar and wind power. Elsewedy Electric entered into an equal partnership with the EDF's subsidiary, EDF Renewables, to develop, finance, build, own, and operate two projects in Benban, Aswan governorate, about 830 km south of Cairo, with a capacity of 130MW, providing power to more than 140,000 households and preventing more than 120,000 tonnes of CO2- equivalent emissions annually. The two projects have investments of about $140m, with loans of $111m financed by the European Bank for Reconstruction and Development (EBRD) and the French Finance Corporation (Proparco) of the French Development Agency Group. Both financiers contributed equally in financing the two projects that supply clean energy to the Egyptian Electricity Transmission Company (EETC) under a 25-year energy purchase contract. Ahmed El-Sewedy, CEO and managing director of El-Sewedy Electric, said the commercial operation of the two projects makes the company's portfolio as the owner and supplier of renewable energy sources extending to photovoltaic solar as well as wind and energy. The EETC buys the energy at 8.4 piasters per kw/h. The payment includes 30% calculated at the exchange rate when the tariff was issued, and 70% at the exchange rate on due date. The Ministry of Electricity aims to produce 20% of the total electricity through new and renewable sources of energy by 2022, and the percentage will increase to 47% in 2037.
