Singapore-based tier-one PV manufacturer REC Solar is teaming with a new business arm of infrastructure investment firm Orascom Telecom Media and Technology Holding (OTMT) to provide PV systems to residential, commercial and utility-scale projects in Egypt.
REC Solar, now part of Chinese investment firm Elkem Bluestar, is collaborating with O Capital, formed in March to focus on providing turnkey solar projects in Egypt, as well as in the wider Africa and Middle East region.
Under the arrangement, O Capital will use its local knowledge to handle the tender process for solar projects, while REC Solar will bring its manufacturing and engineering expertise to the table.
Luc Graré, senior vice president EMEA at REC Solar said: “The new cooperation gives us greater access to new tenders and customers in Egypt and other countries in the region offering amazing growth opportunities for solar energy. We expect the Middle East and Africa to become the second-largest region worldwide by 2017 in terms of new solar capacity added annually. Looking at Egypt, the government clearly understands the importance of power security for households and corporations and the economic potential solar is presenting as one of the fastest growing industries.”
Tamer El Mahdi, chairman of O Capital and deputy CEO of OTMT, added: “This cooperation is a vital step in accomplishing OTMT’s strategy to expand its business into the renewable energy sector. OTMT’s strong local management and strong financial position together with REC’s strong and sustainable track record will enable this new alliance to dominate this growing market in Egypt and the region.”
Egypt has suffered from power outages and electricity demand outstrips supply and is targeting around 2.5GW of renewable energy in the next five years and grander plans for a new capital city to be primarily supplied with renewable energy sometime in the future.