Egypt, World Bank’s IFC join forces for Egypt’s solar power plant

Egyptian Electricity Transmission Company (EETC) and World Bank’s International Finance Corporation (IFC) signed on Thursday an agreement to set up a 600 megawatt solar power plant in west of the Nile, under the Auction system. 

Sabah Mashaly, chairman of the EETC, said the deal comes as part of the electricity ministry’s efforts to expand renewable energy projects and encourage the private sector to engage more in these investments.

This is the first project to be carried out under the Auction system, she added.

Other projects with the private sector were carried out under other systems, including BOO (build, own, operate), public–private partnership (PPP) and the the feed-in-tariff (FiT).

Director of the IFC PPP services Monier Fayrouzi expressed happiness over taking part in designing and executing the first solar power station tender. He said the IFC will act as a consultant to the project in all dealings related to the EETC as it will work on building its successful program for renewable energy.

Source: MENA