PV module manufacturer REC and a subsidiary of local telecoms company Orascom Telecom Media and Technology Holding (OTMT) have signed an agreement to work together on solar projects in Egypt, PV Tech informed.
The deal, which according to REC will lead to the development of a 50MW AC solar park project in Benban and others to be announced later, is the latest in a series of large-scale solar projects in Egypt. The first plant is due for completion in September 2017. REC will carry out engineering, procurement and construction (EPC) duties.
A Memorandum of Understanding (MoU) was inked between REC and OTMT subsidiary O Capital, during a visit to Egypt from a German business delegation, the German-Egyptian Business Commission, which included Germany’s Deputy Chancellor and Energy and Economy Minister, Sigmar Gabriel.
Executive Director of the German-Arab Chamber of Industry and Commerce (GACIC), Dr. Rainer Herret, pointed out that the delegation discussed with the Egyptian Cabinet’s Economic Group enhancing trade and investing opportunities, especially in new and renewable energy, infrastructure, and transport, reported Al Mal News.
Egypt launched a 4.3GW feed-in tariff for wind and solar in 2014, including 2GW of large-scale solar, following it up with a further 2.5GW solar program this year. The country is also aiming to make renewable energy account for 20% of its total energy mix by 2020, from the current 1%.