Access Power MEA on Wednesday signed a memorandum of understanding with the Egyptian Ministry of Electricity and Renewable Energy (MERE) to develop a 65 MW solar PV plant.
The Dubai-based group, which develops, owns and operates power assets in the Middle East and Africa, plans to develop the solar plant in the southern city of Aswan. Access is also in discussions with MERE for a 50 MW wind project in the Red Sea city of Zafarana. Once complete, the combined value of the projects will be $200 million and have a combined output of 115 MW. The projects are expected to be developed simultaneously, with construction expected to commence in 2016.
The MoU also allows for a long-term lease for the land on which the PV solar project will be developed. Access is one of the first participants of Round One of Egypts 4.3 GW feed-in tariff program.
Access has 600 MW of renewable energy projects under development in Africa and is looking to increase its footprint across the continent in the coming year alongside Luxembourg-based renewable energy group EREN, parent of Acess Paris-based shareholder EREN Développement.
We believe that private sector investment and expertise can play a crucial role in creating additional energy capacity in the country, said Access Chairman Reda El Chaar. 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.
Mohamed El Sobki, executive chairman of Egypts New and Renewable Energy Authority, added, 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.
Access execs and MERE officials signed the MoU in Cairo during the Middle East Solar Industry Associations (MESIA) Renewable Energy Trade Mission, which ran April 28-29.
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