Egypt keeps up the pace with 5GW of solar project deals

Facebook
Twitter
LinkedIn
Reddit
Email

The recent momentum Egypt has seen building behind its efforts to adopt clean energy technologies has gathered pace with the signing of outline deals for over 5GW of solar projects.

Two international consortia have signed agreements to build respectively 3 and 2GW of PV projects over the next five years, while Norway’s Scatec Solar has reached a land deal that it says will enable it to press ahead with its first 50MW project in the country.

The deal with one of the two consortia could also see the construction of module and inverter factories to serve Egypt’s burgeoning PV market.

Scatec Solar is one of a number of companies that recently successfully bid under Egypt’s feed-in tariff programme for solar and wind projects.

The company said that over the weekend it had signed a memorandum of understanding with Egypt’s New and Renewable Energy Authority enabling it to secure the necessary land for its first 50MW project.

“Scatec Solar is impressed by the determination of the government of Egypt to address the energy challenges by inviting experienced solar companies to rapidly build up large-scale solar PV capacity in the country. Together with our finance partners we target to develop, build, own and operate 150-200 MW of new solar power plants in Egypt over the next two-three years, investing more than US$300 million,” said Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar is already active in nearby Jordan, where it is building three projects totalling 43MW. In Egypt, in addition to the FiT programme, Scatec is shortlisted to participate in the country's tender programme for 200MW in Kom-Ombo, the company said.

“Solar has the potential to become a huge new source of power in Egypt,” said Carlsen. “Experience shows that such a programme also can become a much-needed boost to employment, skills development as well as industrial and social development in Egypt”

Meanwhile, Canadian developer SkyPower, and a consortium comprising a Bahrain-headquartered German firm, Terra Sola, and Swiss investor, Terra Nex, have both also signed MOUs for PV projects totalling 5GW in Egypt.

Further details on the 3GW SkyPower deal were unavailable at the time of press, but an Egyptian government news portal reported that the deal had been signed at the Egypt Economic Development Conference that took place in the Egyptian Red Sea resort of Sharm el-Sheikh over the weekend.

This was also the setting for the 2GW Terra Sola deal. Under this agreement, the consortium has committed to invest US$3.5 billion in building 2GW of solar in Egypt on a build-own-operate basis. These projects will be separate from those qualifying for the feed-in tariff.

Its pledge also includes proposals to invest in building a 200MW module factory and an inverter factory in Egypt to supply equipment for the consortium’s projects.

A spokesman for the company said: “By building the factories in Egypt, we plan to tap into the country’s robust pipeline of solar projects thereby augmenting the local content used and maximizing on the numbers of jobs created and sustained.”

Earlier this month, German consultancy Apricum said Egypt had made its way on to the “hot list” of global renewable energy markets and could see a 3GW solar market by 2020.

27 September 2022
The demand for rooftop solar PV is soaring, driven by falling costs of the technology against energy crises that are gripping countries globally. But while an increasing number of households turn to solar to generate their own electricity, there is now a need for more specialist equipment, technologies and services to ensure the solar transition can reach as many customers as possible. Delivering these is now a major challenge for rooftop solar installers. This webinar will analyse the characteristics of the rooftop solar market, discussing how the products, logistics, installation and servicing of solar systems has evolved in line with consumer demands.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.
11 October 2022
RE+ Florida returns in 2022. Solar & Energy Storage Florida is now RE+ Florida! This premier event for the Sunshine State will return October 11-12, 2022 in Miami.
11 October 2022
PV CellTech Extra will be held as a series of live webinars and on-demand sessions on 11-13 October 2022. We'll be taking a slightly further forward-looking view at the technologies and roadmaps for new cell architectures set to dominate mass production during 2023-2025 with special emphasis on the potential timelines for technologies beyond the single-junction cell design, including perovskite and hybrid concepts.
13 October 2022
The 2022 ACORE Grid Forum is a one-day event that convenes regulators, renewable, storage and transmission companies, and other leading grid experts in Washington, D.C. Speakers will examine the roles of administrative orders and actions, infrastructure policy, regional and state developments, and private sector strategies on the path to a carbon-free grid.
18 October 2022
The solar, storage and EV industries in the UK are going from strength to strength. There is no better place for the community to meet, share ideas and do business than Solar & Storage Live from 18-20 October at the NEC. There’s something for everyone; more than 150 exhibitors, a high-level conference, a start up and innovation zone, a poster zone, strategic partners to network with and much more. 

Read Next

September 27, 2022
Nearly a third of all renewable technologies employment came from the solar PV industry in 2021, according to a new report from the IRENA.
September 27, 2022
Greek developer Mytilineos has completed third-party engineering, procurement and construction (EPC) contracts on a backlog of solar PV projects in Chile, Uzbekistan and Spain.
PV Tech Premium
September 27, 2022
Europe must build out its own large-scale, vertically integrated solar PV manufacturing base as a means to ensure its clean energy transition.
September 27, 2022
Module manufacturer Boviet Solar has secured an 861MW supply agreement with US renewables developer Vesper Energy.
September 27, 2022
The European Technology and Innovation Platform for Photovoltaics (ETIP PV) has been relaunched to advise policymakers and promote the uptake of solar across Europe.
September 27, 2022
Tongwei has announced plans to sign an investment agreement to develop a 25GW high-efficiency PV module manufacturing base in China

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)