Italian outfit Enerray and Saudi renewable energy company Desert Technologies are to construct three solar farms in Egypt totalling 116MW.
Work on the projects, which will be part of the 1.8GW Benban photovoltaic complex, will start next month.
The plants are expected to be operational in the second quarter of 2019 and will supply electricity to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement at a price of $71 a megawatt-hour.
The largest of the three plants is a 66MW facility developed by ARC for Renewable Energy, which is a special purpose vehicle (SPV) owned by a joint venture of Enerray, Desert Technologies and SECI Energia.
The other two projects will both have capacity of 25MW. One has been developed by Arinna Solar Power, which is an SPV owned by a JV of Enerray, Desert Technologies, Al Bilal Group for General Contracts and Tech Project Development Group.
The other was developed by SPV Winnergy for Renewable Energy owned by Enerray, Desert Technologies and Al Tawakol Electrical.
The International Finance Corp, the private sector arm of the World Bank, provided some of the funding for the projects, as well as the Asian Infrastructures Investment Bank, CDC, European Arab Bank and Green for Growth Fund. Citibank was security agent and accounts bank.
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