Last Thursday, the signing took place of a contract valued at 20 million euros for TSK to build a solar park in southern Egypt.

This 26 megawatt (MW) photovoltaic power plant will be located in Kom Ombo, in the southern province of Aswan, and will cover an area of 500,000 square meters when the works are completed, foreseeably by mid-2019.

“The plant is expected to produce 53,000 megawatt-hours (MWh) per year, which will save around 12,000 tons of fuel and prevent the emission of 30,000 tons of carbon dioxide,” said the CEO of the Renewable Energy Authority of Egypt, Mohamed el Khayat, quoted by the official agency Mena.

The price of energy produced in the plant amounts to $ 3.2 per kilowatt-hour, according to the same source.

The project will be financed through a loan of 40 million euros from the French Development Agency. These funds will also be used to finance other renewable energy projects in Egypt.

The agreement is part of Egypt’s strategy to diversify sources of power generation, which plans to produce 20% of renewable energy by 2022 and 30% by 2015.

This contract adds to the other projects that TSK is building in the country, currently exceeding 400 MW in execution.