Sealing a deal under the government’s solar FiT program, GE Power Conversion, a subsidiary of the U.S. conglomerate General Electric, pledged to build a 50 MW solar park for Egyptian Electricity Transmission Company (EETC), as well as to provide financing and equipment.
The deal was awarded to GE Power Conversion by Saudi Arabia-based Fas Energy, stating that the company is due to provide construction works and a favorable payment scheme to help kick off the project and enhance the plant’s bankability.
“This is GE’s first full turnkey contract to build a solar power plant. We offer solutions that cover the complete solar energy value chain. By taking the integrated system approach, we help de-risk the project and enhance plants’ reliability and revenues. With the digital technology coming as the next piece among our solar solution portfolio, we are committed to building tomorrow’s solar farms that are set to bring greater efficiency and productivity,” said Azeez Mohammed, president & CEO, GE’s Power Conversion, welcoming the deal.
As per the agreement, GE will provide 4.4-MW solar skids featuring GE’s LV5 1,500-volt solar inverters, marking the first entry of the 1,500-volt system into the solar market in Egypt.
According to the company, the highly efficient inverter skids can help improve the annual energy production and thus increase the project revenues, while bringing the system costs down by up to 3 % and reducing the maintenance costs by 15 % compared to its 1,000-volt peers, as well as decreasing costs associated with infrastructure, deployment and operation expenditures.
In addition, GE will also procure the complete plant assets such as solar modules, trackers and cables provide the integrated system solution to the customer and be responsible for the civil, mechanical and electrical works to ensure the successful asset deployment and commissioning of the power plant.
By 2020, Egypt is is looking to develop 40 solar parks of around 50 MW in a bid to meet its 2 GW RE target, with clean energy accounting for 20% of the country’s energy mix.