Access signs MoU with Egypt for renewable project
The 65 MWp PV Solar plant will commence construction in 2016.
Access Power MEA (Access) has signed a Memorandum of Undertanding with Egypt’s Ministry of Electricity and Renewable Energy (MERE).
As per the agreement, the developer and operator of power assets has been tasked to develop 65 MWp of renewable energy.
Dr. Mohamed El Sobki, executive chairman of New and Renewable Energy Authority, said: "Egypt is determined to fulfill its announced target of achieving 4,300 MW of renewable energy in the next three years. The MoUs being signed today bring the total private sector investments up to 500 MW, equivalent to $750 million. This reflects these companies' commitment to be active partners in Egypt's drive towards a sustainable energy future."
As per the MoU, Access will develop a 65 MWp PV solar plant in Aswan. The plant will serve as the first phase of a combined project totalling $200mn. The second phase, which is still under negotiation with MERE, will see the construction of a 50 MW wind project in Zafarana. Upon completion, the combined output of the projects will total 115 MW.
The project in the Egypt will bring Access’ total renewable energy generation in Africa to 600 MW. Working alongside its partner EREN, the company continues to expand its presence across the continent.
"We are delighted to be part of Egypt's ambitious programme to generate up to 4,300 MW of clean energy,” said Reda El Chaar, chairman of Access Power MEA.
He added: “We believe that private sector investment and expertise can play a crucial role in creating additional energy capacity in the country. It is through exciting projects like these in Aswan and Zafarana that we will help to meet growing energy demand and benefit the people of Egypt."