Cairo – Mubasher: Elsewedy Electric Co is currently in talks with the Ministry of Electricity and Renewable Energy over obtaining six lands under usufruct right for 25 years to operate six wind farms with a combined capacity of 100 megawatts per each under an IPP system.

The company aims at boosting its exports by 20% in 2018, the firm added in a statement to the Egyptian Exchange (EGX) on Monday.

Production has been fruitful for the local market and exportation, as Elsewedy exports 70% of its output, the company continued, pointing out that the Egyptian market is capable of competing with the Chinese and Indian markets.

Elsewedy indicated that it achieved the financial closure of its 50-megawatt solar power projects through cooperating with global consortiums as a part of the feed-in tariff programme.

Elsewedy had previously posted a 111% year-on-year hike in profits for the third quarter of 2017 to EGP 1.56 billion, compared to EGP 746.6 million in Q3-16.