Mitsubishi has now, from last week, joined the list of investors in the First Solar’s 52MW PV plant project set to begin in 2016, in which the company will take up a 35% equity share. The company, through its subsidiary Diamond Generating Europe, will join the Qatar-based Nebras Power Q.S.C that will hold a 35% stake in the project, and Kewar Group that will own 30% of shares. Nebras is a subsidiary of Qatar Electricity & Water Company Q.S.C.
The decision to join in the solar power investment project comes amidst Mitsubishi’s plans to double its net profits from non-secure businesses by 2020, according to reports. The company will also seek more opportunities to help in the development of the First Solar plant.
First Solar signed up a deal, on May this year, with Egypt’s National Electric Power Company (NEPCO) for the 20-year power purchase agreement (PPA) covering the project. In addition to advancing their thin film PV modules, First Solar will also provide engineering services, procurement and construction services, as well as operations and maintenance services.
The proposed solar plant will inject 160 million kilowatt hours of electricity per year into the grid, constituting 1% of the total power generated in the country. Egypt will expect to light up 35,000 average homes in the country through this project. The project will also help the country lower its carbon footprint, since power production at the plant is expected to displace 90,000 metric tons of carbon dioxide (CO2) per year.
The plant will be constructed at the Ma’an Development Area in the southern part of Jordan
