Access Power MEA, a developer, owner and operator of power assets in the Middle East and Africa, signed last week a Memorandum of Understanding with the Egyptian Ministry of Electricity and Renewable Energy (‘MERE’) to develop a 65 MWp of renewable energy.
Under the agreement, Access Power MEA is developing a 65 MWp PV solar plant in Aswan, while the company is also in discussions with MERE for a 50 MW wind project in Zafarana, Egypt.
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 agrees a long-term lease for the land on which the PV solar project will be developed. Access Power MEA is one of the first participants of the 4,300 MW Round One Feed-in-Tariff programme to reach this key milestone with the Government of Egypt.
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.”
The MoU was signed by Access and the Ministry of Electricity and Renewable Energy in Cairo, Egypt during the Middle East Solar Industry Association’s (‘MESIA’) Renewable Energy Trade Mission, 28 and 29 April 2015, held under the patronage of H.E. Ibrahim Mehleb, Prime Minister of Egypt.