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Fees for land lease fixed at 2% of annual production: Fouda - Daily News Egypt

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Fees for land lease fixed at 2% of annual production: Fouda

We call on companies to invest in renewable energy, transform Sharm El-Sheikh into green city

Daily News Egypt met Khaled Fouda, governor of South Sinai, who said that the project faced many challenges in the beginning, both in licensing and land from all competent authorities. It was agreed to give the company the land to launch the solar power plant in exchange for 2% of the value of energy produced annually.

He added that the decision will apply the same value to any investor who wants to set up a solar power plant in South Sinai, where he will receive land at a rate of 2% per annum. “All the cities in South Sinai are solar-ready and we call on companies to invest here and turn Sharm El-Sheikh into a green city,” Fouda stated.

Furthermore, he said the plant operates at a capacity of 5MW feeds the national electricity network and helps provide electricity for more than 2,000 residential units, with carbon emissions cuts of up to 5,000 tonnes a year. This will boost the country’s strategy to develop renewable energy solutions to reach 20% of total energy used by 2022.

The station is the first phase of the project of a full integrated solar power plant with a capacity of 40MW he stressed. Schneider Electric and its partners will start implementing the second phase with a capacity of 35MW in the coming months.

Fouda pointed out that Schneider Electric contributed to the lighting of the village of Abu Gharaq in Abu Zenima with solar energy at a cost of EGP 5m, within the framework of its corporate social responsibility and its keenness to support the state in its development plan.

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