Prime Minister Sherif Ismail signed an agreement on Tuesday to the establish three solar power plants in the Benban area near Aswan.
The signing ceremony was attended by the ministers of electricity, investment and international cooperations.
The capacity of each plant will be 50 megawatts at a total of $200 million, funded through a partnership between the Ministry of Electricity, three international companies, and the World Bank, said Electricity Minister Mohamed Shaker.
The minister added at a cabinet press conference, after the signing Tuesday, that the establishment of the stations comes in light of a focus on the development of renewable energy, which amounts to 20 percent of the total energy generated in Egypt.
“We aim to reach 37 percent,” he stated.
The construction of the three plants will be completed in the fourth quarter of next year, with the expectation of a reduction in carbon emissions, according to Shaker.
The total cost of renewable energy projects, including solar and wind, to be established in a partnership with the private sector is LE 6 billion, he said.
These projects aim to produce 4,300 megawatts..
The Ministry is considering the construction of a 2,400 megawatts pumping station at Mount Ataqa, added minister.
Edited Translation from Al-Masry Al-Youm