Cairo-based solar developer SolarizEgypt will build a solar plant to power the Makadi Heights town that was built by Orascom Development (SWX:ODHN) on Egypt’s Red Sea coast near the Hurghada beach resort.
The park will consist of 3,640 solar panels to be installed on an area of 15,000 square metres (17,940 sq yd) which are expected to produce more than 3,304 MWh of electricity per year. The facility is scheduled to go online at the beginning of 2023 and cover about 20% of Makadi Heights energy needs, Makadi Heights said on Sunday.
The initial investment in the project amounts to EGP 18 million (USD 1.14m/EUR 1.01m). It will be financed by local banks as part of a programme offered by the European Bank for Reconstruction and Development (EBRD).
SolarizEgypt will design, install, commission and operate the solar panels for a period of 25 years. The company, which has been active in the photovoltaics market since 2013, currently has solar projects exceeding 50 MW.
Built on a land bank of 3.4 million square metres, Makadi Heights is a mixed-use project located in Makadi Bay, that offers residential, shopping, leisure and entertainment facilities
(EGP 1.0 = USD 0.063/EUR 0.056)
Source: renewablesnow
