Egypt inaugurates 500MW solar power plant

Egyptian Prime Minister Mostafa Madbouly has inaugurated a 500-million-US dollars solar plant in the southern city of Aswan as part of Egypt's efforts to boost renewable energy production.

"It is a pivotal step in promoting renewable energy, and is a testament to our deep commitment to a future vision that aims to achieve environmental and economic sustainability," Madbouly said in the inauguration ceremony on Saturday, according to a cabinet statement.

The Abydos Solar PV Plant, with a capacity of 500 megawatts, was developed by Dubai-based energy company AMEA Power. The project's general contractor is China Energy Engineering Corporation (Energy China), reports Xinhua citing the statement.

Hussain Al Nowais, chairman of AMEA Power, said the plant's half-billion-US dollar investments are funded by the International Finance Corporation, Dutch Entrepreneurial Development Bank, and Japan International Cooperation Agency.

The statement said the project signifies Egypt's vision for providing unprecedented opportunities to the foreign, Arab, and domestic private sectors to invest in its land.

The plant is expected to generate electricity for 256,000 houses and will contribute to reducing carbon dioxide emissions by nearly 760 tons per year, said the statement.

Additionally, the Egyptian government on Saturday signed a power purchase and land agreement with AMEA Power for a 500-megawatt wind power project in Ras Shukheir in the Gulf of Suez, with investments estimated at $600 million.