Infinity Solar, a subsidiary of Mansour Group, owned by businessman Mohamed Mansour, acquired a 97% stake in TAQA Solar resort, a subsidiary of TAQA Arabia, worth about EGP 50m, in the second phase of the feed tariff projects.
Sources from the company stated to Daily News Egypt that they will end the financial closure of a 50 MW solar power plant within days, and ahead of the date set by the Ministry of Electricity on October 28.
The sources said that Infinity Solar is about to complete a 50 MW solar power plant at Bennaban, Aswan, as part of the first phase of the nutrition tariff. It will also start its work at another 30 MW solar plant next month, which will be inaugurated in cooperation with Magrabi Agriculture (MAFA).
The total capacity to be produced by Infinity Solar is 130 MW, and the total investments expected to be pumped into the solar market in the Egyptian market are $150m.
The Egyptian Electricity Transmission Company (EETC) will sign an agreement to buy solar energy tomorrow with IRC, Windenergie and Arena companies within the second phase of the tariff, sources with the Ministry of Electricity said.
The sources pointed out that eight solar companies have been able to complete the financial closure of the projects of solar energy with a total capacity of 400 MW and 50 MW per project, and will submit documents to the EETC within days.
The government launched the renewable energy feed tariff program in 2014 to set up 4,300 MW solar and wind power projects with investments of $7bn, including 2,300 MW for solar projects of which 300 MW for plants below 500 kW and 1,000 MW for wind plants.
More than 180 Egyptian, Arab and foreign companies have bid for the construction of solar and wind power plants with capacities up to 50 MW. A total of 136 companies have been qualified, 100 of them with 2880 MW capacity for photovoltaic stations and 36 companies with a total capacity of 1670 MW for wind power projects. More than 27 withdrew from these project refusing the arbitration in Egypt.