Egypt will announce next Sunday the details of carrying out its US$6.5 billion major solar plant project, an official told Amwal Al Ghad.
According to Muharram Hilal – chairman of the 10th of Ramadan Investors Association, the project will be jointly financed with South Korea and Saudi Arabia.
He further told Amwal Al Ghad that his country is still in talks with the Saudi and Korean investors over the possibility of establishing the solar plant in the New Valley governorate.
The project needs to be established on a space of 2000 feddans, Hilal noted.
Furthermore, the official referred that Egypt plans to finalise 20% of the solar plant project within one year and a half, at a cost of US$1.5 billion.
The project targets generating vast amounts of electricity.
In September 2012, Egyptian government announced it aimed at increasing dependency on new and renewable energy sources to 20% by 2020.