The company has signed a memorandum of understanding (MoU) with Egypt’s New and Renewable Energy Authority (NREA) to develop a 50MW solar photovoltaic (PV) project under the Government’s new feed-in tariff scheme (FIT).
Scatec Solar and its finance partners plan to invest over $300m to develop, construct, own and operate 150MW to 200MW of solar projects.
Scatec Solar CEO Raymond Carlsen said: "Solar has the potential to become a huge new source of power in Egypt.
"Experience shows that such a program also can become a much-needed boost to employment, skills development as well as industrial and social development in Egypt."
Egypt has invited foreign developers to bid for 2,000MW of solar and just as much of utility-scale wind power capacity along with 300MW of decentralized solar in 2015-2017.
The country intends to generate about 20% or 12GW of its total power from renewables by 2022, of which about half is planned to be solar.
About $9bn to $10bn in foreign investments will be required to install 6GW of solar capacity.
Scatec Solar has been present in Egypt since 2013. Apart from the FiT program, the company is shortlisted to participate in the country’s tender program for 200MW in Kom-Ombo.
Image: Scatec Solar will develop a 50MW solar photovoltaic project in Egypt. Photo: Courtesy of Pixomar/FreeDigitalPhotos.net.
