(Photo Courtesy of ERC)
The Egyptian Resorts Company (ERC) signed a 27-year contract with KarmSolar company to construct a 2 MW solar station with investments amounting to $2.5m, the tourism company announced Sunday.
The solar station will be constructed on 50,000 sqm in ERC’s Sahl Hasheesh project, located 18 km south of Hurghada International Airport, and operations and production will kick off in the second half of 2016.
KarmSolar company has the right to rent the land while ERC receives 2% of the project’s profits. The project will be constructed away from the Sahl Hasheesh’s commercial and residential area.
ERC’s CEO Mohamed Kamel said that the purpose of the project is not just the positive impact it might have on revenues, but in the positive contribution to resolve the energy crisis facing the country, as well as the development of the Sahl Hasheesh project and its standards.
During the first quarter of 2015, ERC recorded an EGP 3.2m net loss, with losses declining by 75% compared to the corresponding quarter the previous year.
