Access Power MEA, a developer, owner and operator of power assets in the Middle East and Africa, has signed a Memorandum of Understanding (MoU) with the Egyptian Ministry of Electricity and Renewable Energy (MERE) in order to develop a 65MW plant.
As part of the deal, Access will develop a 65MW solar plant in Aswan, Egypt, while the company is also in discussions with MERE for a 50MW wind project in Zafarana, Egypt. Once complete, both projects will have a combined capacity of 115MW and are expected to begin construction in 2016.
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The agreement also secures a long-term lease for the land on which the PV facility will be developed. Access stands as one of the first participants in the first round of the 4,300MW feed-in-tariff programme to reach this key deal with the Egyptian government.
Reda El Chaar, chairman of Access Power MEA, said: “We are delighted to be part of Egypt's ambitious programme to generate up to 4,300 MW of clean energy. We believe that private sector investment and expertise can play a crucial role in creating additional energy capacity in the country. It is through exciting projects like these in Aswan and Zafarana that we will help to meet growing energy demand and benefit the people of Egypt.”
The MoU was agreed to in Cairo during the Middle East Solar Industry Association's Renewable Energy Trade Mission on 28-29 April 2015.
Dr. Mohamed El Sobki, executive chairman of New and Renewable Energy Authority, added: “Egypt is determined to fulfill its announced target of achieving 4,300 MW of renewable energy in the next three years. The MoUs being signed today bring the total private sector investments up to 500 MW, equivalent to $750 million. This reflects these companies' commitment to be active partners in Egypt's drive towards a sustainable energy future.”