While the Egyptian authorities engage in finalising contract documents related to the Renewable energy program, INTPOW member Scatec Solar has launched a series of activities on the ground to contribute to the timely construction of what surely will be one of the world's largest solar energy sites.
While the Egyptian authorities engage in finalizing contract documents related to the Renewable Energy program, the Norwegian solar power producer, Scatec Solar, has launched a series of activities on the ground to contribute to the timely construction of what surely will be one of the world's largest solar energy sites.
Scatec Solar has begun engineering and procurement related activities in Benban and Zafarana, the two solar sites located in interior Egypt. Topography and geotechnical studies have already been completed, work has commenced on the environmental and social impact assessment and weather stations are being installed at the two sites to measure solar irradiation, heat and soiling losses that will impact the future efficiency of the solar projects.
"Our plan to invest more than USD 600 Million in Egypt's solar energy program over the next two years will be a significant boost to Egypt's economy," said Terje Osmundsen, Scatec Solar's Senior Vice President for Business Development.
Scatec Solar has signed agreements to participate in five projects totaling 250 MW (AC) under Egypt's new FiT photovoltaic program. They will be the lead developer in one project, while in four others they will participate as strategic investor, EPC and O&M provider. The company has initiated the process to raise project finance from banks, though fund commitments rest on the authorities issuing bankable contractual documents and required permits.
To support its activities in Egypt, Scatec Solar has decided to establish a regional headquarter located in Cairo's Nile City Tower.
Source: Scatec Solar