Cairo – Mubasher: The Egyptian Electricity Transmission Company (EETC) has signed two agreements with the UAE’s Al Nowais Investments to build two renewable energy plants in the most populous Arab nation.

The agreements include the establishment of a 200-megawatt (MW) solar plant and a 500-MW wind power plant under a build-own-operate (BOO) scheme, according to a cabinet statement on Tuesday.

Al Nowais Investments will invest up to EGP 16 billion in these two projects, the company’s chairman Hussain Al Nowais said.

The two power plants will provide clean energy to about 430,000 residential units, which will help lower carbon emissions by 800,000 tonnes a year.

Energy will be purchased at 3.1 cents per kilowatt hour of wind energy and 2.048 cents per kilowatt hour of solar energy.

These projects are part of the Ministry of Electricity’s plan to raise the share of renewable energy to 20% by 2022 and more than 42% by 2035.