(MENAFN - Daily News Egypt) Intro Energy is planning to launch several projects to produce electricity from renewable resources with investments of $100m within three years.
Mohamed Mamdouh Abbas, the managing director of the company, told Daily News Egypt that Intro Energy will be implementing a solar energy plant with a capacity of 20MW in Sharm El-Sheikh with the net metering system and a solar power plant with a capacity of 10MW in favour of a group of hotels, in addition to a solar plant with a capacity of 5MW for a hotel in Sharm El-Sheikh.
He explained that the net metering system includes installing a digital meter able to calculate the net usage, so that the current coming from the electricity grid and the generated current from the solar power plant can be calculated using a compensation system between production and consumption.
He explained that the company is close to finishing the implementation of a solar energy plant with a capacity of 25MW within the second phase of the feed in tariff in Benban, Aswan, in cooperation with Al Tawakol Electrical Company (Gila). It has completed implementing a solar plant with a capacity of 5MW in Sharm El-Sheikh in the first phase of the feed-in tariff.
Abbas added that currently there are negotiations with several international banks to fund the projects that the company plans to implement. The company will handle 20-25% of its self-resources.
He said that Intro Energy seeks to expand its local and regional portfolio to participate in implementing projects for electricity production from renewable sources. The company is also seeking to invest in the field of recycling for energy production as well as sea water desalination projects.
Furthermore, Abbas said Egypt has taken major steps to reform the legislative infrastructure of the electricity sector and prepare the climate to encourage investments in electrical energy projects as well as benefit from the major capabilities of renewable energy, most importantly, issuing a law to encourage investing in the field of new and renewable energy.
He explained that there are several factors which helped the state establish its plan to encourage investment a successful one, as measures were taken regarding establishing companies, in addition to facilitating the process of obtaining licensing.