Elsewedy Electric (SWDY.CA) signed a USD70mn project, including the Power Purchase Agreement and the Network Connection Contract related to the development of a solar photovoltaic (‘PV’) power plant it develops as part of Egypt’s Round II of the Renewable Energies Feed-in-Tariff ("FiT") programme for solar and wind energy projects launched by the Government. Elsewedy Electric will develop, finance, build, own and operate the project located in Benban, Kom Ombo, Aswan Province with a capacity of 65 MWp. The project is  expected to be granted finance from the European Bank for Reconstruction and Development (EBRD) and the French Proparco (Groupe Agence Francaise de Developpement –AFDl), which is expected to achieve financial close before 27 October 2017 and commence construction by 1Q18 and start operations before end of same year. On another note, the release mentioned that Elsewedy  is finalising a partnership with EDF Energies Nouvelles under the Round 2 Feed-in tariff programme, with the objective for the partners to jointly pursue development, finance, build, own and operate 130 MWp in the same area. 

Elsewedy Electric: EGP92.91 as of 14 Sep 2017, Rating: Buy, TP: EGP92.00/share, MCap: USD1,177mn, SWDY EY/SWDY.CA