In its attempt to increase the proportion of electricity generated by renewable energy sources, the Egyptian government launched the Solar Feed-in Tariff (FiT) Program. GILA Electric qualified in the program’s initial round before being awarded 25MWp development as part of the 1.8 GW Benban Solar Park in the second round. The development came to be known as Winnergy.
In partnership with Enerray SPA and Desert Technology, GILA Electric led the development of the project. Successfully achieving financial close with a syndicate of international lenders led by the International Finance Corporation (IFC) and including British International Investment (BII) and Asian Infrastructure Investment Bank (AIIB) in Q3 2018, the project achieved commercial operation in September 2019.
With an investment cost in excess of USD 29M, the project is promising and delivering high return rates over the contracted term of 25 years with the Egyptian Electricity Transmission Company at a rate of 0.084 USD/kwh.
GILA Electric’s technical team supervised the construction of the project and undertook
the operation and maintenance of the plant since its COD in 2019.
GILA Electric is a shareholder in Alcom Power Plant solar energy project that is located in Benban Solar Park, in partnership with ACWA Power International and Hassan Allam Holding.
The PV power plant has a DC capacity of 70 MWp, offsetting 81170 ton/m2 of CO2 emissions per year.
The off-taker of the project is the Egyptian Electricity Transmission Company EETC and the project has been in commercial operation since Q3 2019.