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Elsewedy, EBRD, Proparco to install solar plant in Aswan

Elsewedy, EBRD, Proparco to install solar plant in Aswan
Elsewedy’s EGM nods deal with EBRD, Proparco
Elsewedy Electric
SWDY
-4.43% 31.05 -1.44

Cairo – Muabsher: The extraordinary general meeting (EGM) of Elsewedy Electric Co has approved partnering with the European Bank for Reconstruction and Development (EBRD) and Societe de Promotion et de Participation pour la Cooperation Economique “Proparco".

Elsewedy Electric has agreed to the deal as a sponsor in relation to the design, development, construction, testing, commissioning, operation and maintenance of a 50 megawatts solar photovoltaic power plant Aswan’s Benban, the firm highlighted to the Egyptian Exchange (EGX) on Monday.

This project comes under the Feed-in Tariff Programme for the second regulatory period and developed by one of its subsidiaries, the company indicated.

These agreements will be signed by Elsewedy Electric, the EBRD, and Proparco.

The EGM assigned managing director Ahmed Sadek Elsewedy with full powers to act, negotiate, amend and execute all documents and agreements.

Elsewedy Electric said last week that it aims at signing the financing deal with Électricité de France and Proparco before 27 October to establish two solar plants.