Access Power to invest heavily in Egypt renewables
New joint venture with Eren eyes four solar and two wind plants.
The new venture involving UAE-based Access Power has its sights set firmly on Egypt’s impending renewable energy bonanza.
Access Infra Africa has placed the North African country at the heart of its plans to invest up to $500mn in wind and solar projects across the continent.
"Egypt is one of those places where renewables make sense... no investor will ignore Egypt just because it fell into two or three years of unrest. Everyone will be looking at the long-term viability of the market," Access Power MEA chairman Reda El Chaar told Reuters.
The new company prequalified earlier this month by Egypt's Ministry of Electricity to develop four solar plants with total capacity of 200MW and two wind plants with 100MW, El Chaar told the newswire.
The projects are part of the first round of Egypt's renewable energy procurement programme launched late last year.
Chronic power shortages and blackouts have spurred the country’s new leadership to accelerate moves to procure 12GW of renewable energy capacity by 2020 – the largest renewable energy target in the Middle East and North Africa (MENA) region, after Saudi Arabia.
Access is also bidding for a wind power plant with a capacity of 850MW in Morocco and is eyeing to expand its operations in other African countries such as Uganda, Rwanda, Tanzania, and Ghana through the new venture, El Chaar said.
EREN Developpement owns a 20% stake in Access Power and funds 70% of its operations in Africa.
For a detailed look at Egypt’s renewable energy programme, catch the February issue of Utilities Middle East magazine.