Egypt signs 2 deals to generate 5,000 MW of solar power

The Egyptian Electricity Holding Company (EEHC), signed on Sunday two memorandums of understanding with two international conglomerates to produce 5,000 MW of solar energy to meet the increasing demand for energy.

The signing took place on the sidelines of Egypt Economic Development Conference (EEDC) that kicked off past Friday in the Egyptian Red Sea resort of Sharm el-Sheikh.

First Agreement

The first memorandum was signed with Skypower, a successful global developer of solar energy projects and Gulf Development Companies to generate  3,000 MW of solar energy.

Second Agreement

The second pact was signed with Terra Sola, a German-owned company headquartered in Bahrain that is an investor and developer of specialized solar power projects in the MENA region, and Terra Nex, a Swiss wealth management company to develop a multitude of photovoltaic power plants reaching a capacity of 2,000 MW.

Terra Sola stated the project also included investing in building a 200 MW module factory and an inverter factory to produce modules and inverters respectively to be used by the Project’s own solar power plants,  setting up knowledge transfer initiatives through education, qualification and training programs for Egyptian nationals as well as extending financial support to the existing Egyptian SME sector.

Source Egypt signs 2 deals with international consortiums for solar power generation by Egypt State Information Service (SIS) & Egyptian Electricity Holding Company signs USD3.5bln MOU with Terra Sola Consortium by Terra Sola. Image Credit: C. Elle via Flickr.