Scatec Solar has announced plans to develop 150MW to 200MW of solar power in Egypt within the next two-three years.
Scatec Solar CEO Raymond Carlsen said: "Together with our finance partners we target to develop, build, own and operate 150 – 200MW of new solar power plants in Egypt over the next two-three years, investing more than $300m."
To meet its target of 200MW construction, the Norwegian firm has already signed a memorandum of understanding (MoU) with Egypt’s New and Renewable Energy Authority (NREA).
According to the deal, Scatec Solar will set up a 50MW solar photovoltaic (PV) project in the country under the new feed-in tariff scheme (FIT).
Solar power generation in Egypt is expected to strengthen the power infrastructure and open up job scope in the country.
Egypt has recently formed multiple deals with Masdar and ACWA Power, Siemens and General Electric to boost the energy generating sector.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIt has invited foreign investments for 2,000MW of solar and 2,000MW of utility-scale wind power developments, besides aiming to build 300MW decentralized solar projects by 2017.
Egypt intends to depend on renewable power for 20% or 12GW of its power requirements within 2022. 50% of its renewable target is expected to come from solar installments, which is likely to involve $9bn to $10bn investment.
