Norwegian entity Scatec Solar intends to construct up to 200MW of solar power generating facilities in Egypt within the next two-three years, with assistance from its finance partners.
Scatec Solar CEO Raymond Carlsen said: "Together with our finance partners, we aim to develop, build, own, and operate 150MW – 200MW of new solar power plants in Egypt over the next two to three years, investing more than $300m."
The firm has already signed a memorandum of understanding (MoU) with the New and Renewable Energy Authority (NREA) in Egypt to develop a new 50MW solar photovoltaic (PV) project under the government’s new feed-in tariff scheme (FIT).
As well as turning out to be a colossal source of renewable power in Egypt, the solar developments can boost the job sector with new opportunities. The programme is also expected to lead to skills, industrial, and social development in the country.
Egypt has recently been taking initiatives to boost its power sector at large.
The country is looking forward to foreign investments for 2,000MW of solar and just as much of utility-scale wind power developments. It also has set a target of 300MW decentralised solar developments between 2015 and 2017.
By 2022, Egypt has planned to derive 20% or 12GW of its power requirements from renewable sources, out of which 50% will be from solar developments.
Approximately 6GW of solar instalments in the country is estimated to involve an investment of $9bn to $10bn.
The country has recently made deals with Masdar and ACWA Power, Siemens and General Electric for boosting its power infrastructure.
Image: Scatec Solar to construct up to 200MW of solar developments in Egypt. Photo: courtesy of franky242 / Freedigitalphotos.net.