Egypt signs $500mn worth of renewables projects
Seven binding MoUs for 320MW of solar and wind power agreed during MESIA Trade Mission.
Egypt’s Ministry of Electricity and Renewable Energy has signed seven binding Memorandum of Understanding (MOUs) worth $500mn in solar and wind projects under the government’s Feed-in-Tariff (FIT) programme.
There were five agreements signed for solar projects totaling 220MW and two wind projects totaling 100MW.
Egypt’s Orascom Construction signed for a 50MW solar project and a 50MW of wind project, as did Alfanar of Saudi Arabia.
UAE-based Access Power MEA and Sun Infinite of Egypt each agreed to develop 50MW solar projects while Gila Al Tawakol Electrical will develop a 20MW solar power plant.
The solar projects are in Binban, Aswan and the wind farms are in Zafarana on the Gulf of Suez. All are on government land.
The signing ceremony took place during the Middle East Solar Industry Association (MESIA) Trade Mission in Cairo on April 27-28, a forum that brought together 150 local and international investors and project developers to explore investment opportunities in Egypt’s solar and wind sector.
During the Egypt Economic Conference in March 2015 there were four similar solar MOUs signed, bringing the total number of solar projects in Binban to nine, meaning a quarter of the 36 government plots for solar projects in Binban have already been allocated.
“These MOUs reflects the willingness of local and international companies to be active partners in the sustainable energy future of Egypt,” said Dr. Mohamed El Sobki, Executive Chairman of the New and Renewable Energy Authority (NREA). “We are confident that the remaining plots will be scooped up soon.”
Vahid Fotuhi, President and Founder of MESIA, said: “MESIA is delighted to have hosted this landmark signing ceremony between the government and the private sector. We shall continue to support Egypt’s efforts to establish one of the largest and fastest growing renewable energy markets in the world.”