Egypt cancels $50M solar power plant project in Aswan

Egypt cancels $50M solar power plant project in Aswan

Egypt’s New and Renewable Energy Authority (NREA) decided to cancel a project for the establishment of a 50-megawatt solar power plant in the South of Aswan worth a $50 million investment, Asharq Business reports citing three officials.

Per the sources who asked not be named because not allowed to speak on the matter, the establishment of the solar power plant has been called off days after Egypt signed a number of investment and financing agreements worth about $10 billion for setting up renewable energy projects.

It is worth to recall that the project was co-financed by the Arab Fund for Economic and Social Development (AFESD) to alleviate financing burdens for NREA.

The Middle East most populous country has already commenced the implementation of nine projects within the framework of the Nexus on Water, Food, and Energy (NWFE) program.

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