TAQA Power has agreed to build two new solar power stations in one of the Red Sea's most popular - and, incidentally, sunny - destinations: Soma Bay. The investments in the stations amount to USD 4 million, and will be capable of producing 5 mw of energy between the two of them. The agreement was signed with Abu Soma Touristic Development (ASDC), which is in charge of developing the 10 mn sqm peninsula that is Soma Bay.

"This has been a longtime coming as it coincides with Somabay’s vision of connecting with nature and looking after it," Ibrahim El Missiri, CEO of ASDC, said. "Our primary objective is to generate the power required using solar energy to reduce electricity and water desalination costs, thereby closing the gap between our consumption and distribution demands.”

The first power station is expected to be built over a 9-month period, and is planned to have a capacity of 3.8 MW. The project is part of an overall shift in Egypt’s private sector towards green energy. While the source of this project’s funding is not clear, it coincides with the recent issuance of USD 100 million in green bonds by Commercial International Bank on June 30th, 2021.