Paris, October 26th, 2017- EDF Energies Nouvelles and the ELSEWEDY ELECTRIC Group are to build and operate two solar projects totaling 100 MWAC in Egypt. Both projects are jointly owned by the two partners. Financial closing was reached on October 25th. These projects will benefit from a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC).
Located in the south of Egypt, the two solar projects are part of the 1.8 GWAC Benban Solar complex and have been developed under the Egyptian Feed-in Tariff program.
After being both qualified for 50 MWAC, EDF Energies Nouvelles and ELSEWEDY ELECTRIC decided to partner together to develop, build, operate and own 100 MWAC under Round 2. The sponsors will together control the projects. This partnership marks the return in Egypt of EDF Group as an Independent Power Producer and is the first IPP project for ELSEWEDY ELECTRIC in renewable energy. The projects are jointly financed by the European Bank for Reconstruction and Development (EBRD) and Proparco.
In the first quarter of 2018, the construction works will begin, following the approval of the Egyptian authorities.
The Benban solar project will contribute to the country’s objective to secure 20% of Egypt energy generation from renewable sources by 2020.
“By expanding into Egypt, alongside the ELSEWEDY ELECTRIC Group, a high regional profile, EDF Energies Nouvelles strengthens its position in the North African renewable energy market. The Benban solar project ties in with the EDF Group’s goal of doubling its renewable capacity in France and worldwide, by 2030 under its CAP 2030 strategic plan”, commented Antoine Cahuzac, EDF Group’s Senior Executive Vice President for Renewable Energies and President and CEO of EDF Energies Nouvelles.
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About EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 10 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, China, India, or South Africa, and North Africa and Gulf Cooperation Council regions. The Company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects’ development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
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