Access Power MEA signs MOU with Egyptian Ministry of Electricity and renewable energy for 65 MWP renewable project
65 MWp PV Solar to Commence Construction in 2016
Cairo, Egypt: Access Power MEA ('Access'), a developer, owner and operator of power assets in the Middle East and Africa, today signed a Memorandum of Understanding ('MoU') with the Egyptian Ministry of Electricity and Renewable Energy ('MERE') to develop a 65 MWp of renewable energy.
Under the agreement, Access 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. 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 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.
Following the agreement, Access has 600 MW of renewable energy projects under development in Africa and will be looking to increase its footprint across the continent in the coming 12 months alongside its consortium partner EREN.
Reda El Chaar, Chairman of Access Power MEA, said: "We are delighted to be part of Egypt's ambitious programme to generate up to 4,300 MW of clean energy. We believe that private sector investment and expertise can play a crucial role in creating additional energy capacity in the country. 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."
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.
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