Leading global solar firm Scatec is now planning to invest over $600m for the construction of solar projects in Egypt over two years.
The firm’s senior Vice President Terje Osmundsen said they are looking forward to building more solar projects in Egypt aimed at addressing the country’s power shortage.
He added that as the sun is very stable from morning to evening, plenty of solar power can be generated in Egypt. These investments will create employment and sustainable power for the country.
Terje said the identified site is the best since currently it has over 40 solar sites and the area is undeveloped because there are no local jobs. The construction of the big solar plants here requires about 20,000 to 30,000 people.
The company Is currently focusing in Africa and more specifically Egypt as there are more opportunities and they are focusing more on renewable energy.
Scatec Solar reported consolidated revenues of NOK 204m ($23.6897m) in the third quarter (Q3) of 2015, up from NOK 130m ($15.0964m) in the same period last year, with the growth reflecting sales of electricity from the solar power plants Dreunberg in South Africa, ASYV in Rwanda and Agua Fria in Honduras. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased for the same reasons and reached NOK 159m ($18.36m) in Q3, and NOK 483m ($56.0890) for the first nine months of 2015.