Qalaa Holdings has revealed that energy subsidiary TAQA Arabia, the largest private sector energy distribution company in Egypt, is well on its way to completing construction on its first solar energy project – a 50 MW photovoltaic power plant project in Benban, Aswan constructed in partnership with Hassan Allam Holding.
Commissioning and testing on the project is expected to take place before the end of the year, with the plant anticipated to become operational as soon as January 2019 and generate annual revenues of c. USD 10.8 million. It will be part of Benban Solar park, the world’s largest solar park consisting of a complex of 13 solar power plants generating a total of 1,800 MW. TAQA Arabia’s new venture is the latest example of Qalaa’s backing of renewable energy projects in line with the Egyptian government’s strategy to diversify its energy sources and the firm’s overall commitment to building out Egypt’s renewable energy resources.
“This project will be instrumental in helping to expand Egypt’s overall power generation capacity and to shift its energy consumption to the use of various renewable sources such as wind, solar and bioenergy,” said TAQA Arabia CEO, Pakinam Kafafi. “The project will also help to expand TAQA’s scope as an integrated energy distributor and operator in fields including power generation, gas distribution, petroleum products marketing and renewable energy,” she added.
The project, which was announced at the end of 2017, carries an investment cost of US $75.3 million and has secured a financing package created in partnership with five international development funds headed by the International Finance Corporation (IFC).
