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Tue 23 Oct 2007 12:50 AM

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Egypt invests $109mn in solar power

Orascom Construction to build the biggest solar power station in Mena region.

Orascom Construction Industries, Egypt's largest construction firm by market value, said on Monday it would build the region's biggest solar power station for 604 million Egyptian pounds ($109.42 million).

"This will be the biggest solar power station in the Middle East and North Africa," a statement quoted Ossama Beshai, general manager of the construction department, as saying.

The 140 megawatt station will be built over 30 months in Kuraymat, south of Cairo.

The deal, which was signed on Sunday with Egypt's Ministry of Electricity and Energy, is financed by Egyptian and international lenders including the National Bank of Egypt and the International Bank for Reconstruction and Development, the company said.

By 1112 GMT shares of OCI were up 0.08% to 460.50 pounds.

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