Orascom licenced to build Aswan’s $100mn solar plant

Egypt-based O Capital for Energy, a fully owned by Orascom Telecom, Media & Technology, has obtained a licence and the land plot to build up a 50-megawatt solar plant in Aswan.

With investments worth US$100 million, the plant will be in Kom Ombo, situated 45 km (28 miles) to the North of the city of Aswan, about 800 km (497 miles) to the South of Cairo, according to O Capital’s CEO Tamer El Mahdi.

Last March, O Capital signed a concession agreement with the Egyptian Electricity Transmission Company (EETC) for the solar energy project during the country’s economic development conference held in Sharm El-Sheikh. The signing ceremony was in the presence of Egyptian Minister of Electricity Mohamed Shaker and business tycoon Naguib Sawiris.

Established in March 2015, O Capital for Energy is a subsidiary of Egypt-based Orascom Telecom, Media & Technology; dedicated for construction or management, operation and maintenance of power plants with different sources and distribution networks.