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Red Sea Solarize

Sector: Solar • Location: Egypt, Arab Rep.

Source: World Bank Group

Project
Active

Red Sea Solarize is is 5 MW solar power plant located in the Red Sea province, Egypt. The project is initiated as part of the first phase of renewable energy purchase tariff projects.

The venture will be undertaken via Soltag Co., which is a wholly owned subsidiary of Solarize Egypt, for renewable energy projects.

The generated power will be sold to Canal Company for Electricity Distribution. Un

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The project “Red Sea Solarize” is an infrastructure initiative in the Solar sector, located in Egypt, Arab Rep.. Taiyo aggregates data on it from World Bank Group.

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Description

Description

Red Sea Solarize is is 5 MW solar power plant located in the Red Sea province, Egypt. The project is initiated as part of the first phase of renewable energy purchase tariff projects. The venture will be undertaken via Soltag Co., which is a wholly owned subsidiary of Solarize Egypt, for renewable energy projects. The generated power will be sold to Canal Company for Electricity Distribution. Under the first phase of solar feed-in tariff projects, sponsors shall secure 85 per cent of finance from foreign banks and 15 per cent from local banks. Project achieved financial closure in October, 2016 by tying up funds amounting $6 million. No other details are available on fund providers. http://en.almalnews.com/Pages/StoryDetails.aspx?ID=4926#.WNUcI1V96Uk

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