Scatec Solar reached an important milestone through the signature of an MoU with Egypt's New and Renewable Energy Authority (NREA), securing the company land to start the development of 50MW solar photovoltaic power under the Government's new Feed-In Tariff Scheme (FIT).
Scatec Solar has incorporated "Scatec Egypt for Solar Energy SAE" with the purpose to develop, finance, build, own and operate the first 50MW of solar power plant that the company has been awarded as part of the first phase of the Feed-in-Tariff program for solar and wind energy launched by the Government of Egypt.
"Scatec Solar is impressed by the determination of the Government of Egypt to address the energy challenges by inviting experienced solar companies to rapidly build up large-scale solar PV capacity in the country. Together with our finance partners we target to develop, build, own and operate 150 - 200 MW of new solar power plants in Egypt over the next two-three years, investing more than USD 300 million." says Raymond Carlsen, CEO of Scatec Solar.
"Solar has the potential to become a huge new source of power in Egypt," says Raymond Carlsen, adding: "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."