Intro Energy has announced a $100 million investment for the development of several solar projects in Egypt. The independent power producer (IPP) is already involved in the development of the Benban solar complex.
The construction of the gigantic Benban solar complex is barely complete and another independent power producer (IPP) is already embarking on new solar projects. That is Intro Energy. The company will invest up to $100 million in solar energy over the next three years.
The largest investment will be in the city of Sharm el-Sheikh, where Intro Energy plans to build a 20 MW solar power plant. This seaside town located in the Sinai, in the east of Egypt, is gaining a taste for the sun. In May 2019, the French company Schneider Electric had already commissioned a 5 MW solar power plant in Sharm el-Sheikh. According to Mohamed Mamdouh Abbas, Managing Director of Intro Energy, its future solar power plant will be equipped with a “net metering” system that includes the installation of a digital meter capable of calculating the “net use” of energy, so that the electricity from the grid and the electricity generated by the solar power plant can be calculated using a system of compensation between production and consumption.
An investment in Benban
The other solar power plants will be off grid, intended to supply electricity to private companies, including hotels. The first off-grid will have a 10 MW capacity and will be for an undisclosed group of hotels; the second, smaller (5 MW), will provide clean energy to a hotel in the seaside city of Sharm el-Sheikh.
The construction of all these plants is expected to cost $100 million. The company says it is in talks with several international banks to finance the projects. It will provide between 20% and 25% of the initial investment for the development of these projects.
In Egypt, Intro Energy is well known to the authorities. It has already invested in several projects, including the development of the Benban solar complex. Together with its partner Al Tawakol Electrical Company, Intro Energy is in the process of finalising the construction of a 25 MW solar power plant. In Sharm el-Sheikh, the company has already installed a 5 MW solar power plant.
Jean Marie Takouleu