Egypt signs agreement for 5gw solar PV project

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Egypt’s’ government has signed two separate agreements to develop 5GW utility solar power plant in the country, which will be executed by a Canadian based solar company Sky power Global with the help of International Gulf Development (IGD).

The three agreed on a 3GW utility scale solar photovoltaic solar power plant to be built in stages in the next four years. Phase one is however scheduled to start commercials late in 2015. The agreement was arrived at Egypt Economic Development Conference (EEDC), the first event of its kind in Egypt and which saw many infrastructure projects unveiled.

The two solar power plant companies will take up an investment of about US$ 5 billion will be invested as part of their plans, also fabrication and assembly facilities with a combined capacity of 600 MW will be built.

The other remaining 2GW was agreed between the consortium comprises which is German based- Terra sola ventures and Swiss based Terra Nex  together with Egyptian Electricity Holding Company (EEHC).

This comes in support of the governments’ strategy and plan to develop sustainable and affordable renewable energy and the solar power plant project will create new job opportunities and attract profitable investments in the country. The project will also offer direct contribution to the governments’ goal of producing 20% of renewable energy come 2020.

Egypt president Mr. Abdel Fattah Al-sis said the government is prioritizing availability of energy and managing the demands as one of Egyptian development agenda.

“The availability of energy and managing the demand for it is one of the main priorities on the Egyptian development agenda,” said President of Egypt, Abdel Fattah Al-Sisi. SkyPower President and Chief Executive Officer, Kerry Adler thanked the government and said they would support its endeavors.

Sky power has undertaken projects of a total of 25,000 MW including the award-winning First Light Solar Park, a utility-scale projects in North America completed in 2009. The country has also agreed that it would be undertaking construction of a nuclear power plant in partnership with Russia to cater for more power needs.