SkyPower Mulls 3 GW Renewable Energy Capacity In Egypt
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One of the leading clean energy project developers in the world, SkyPower, is planning to expand to its footprint in one of the hottest renewable energy markets in the Africa — Egypt.
SkyPower is reportedly in talks with the officials of the Electricity Ministry in Egypt to develop 3 GW of renewable energy capacity over the next 5 years. The ministry has welcomed SkyPower’s interest to develop large-scale renewable energy projects in the country and also stated that it is studying similar offers from other companies as well.
SkyPower has been aggressively expanding its renewable energy footprint across the Middle East and Africa. The company initially focused on the North American renewable energy market but as markets in Asia and Africa became more attractive the company entered strategic partnerships with other companies to set up large-scale projects.
In 2013, SkyPower signed an agreement with FAS Energy to develop large-scale renewable energy projects across the Middle East & North Africa (MENA) region. The resulting joint venture company — SkyPower FAS Energy — subsequently signed an agreement with the government of Nigeria to develop 3 GW solar power capacity at an estimated cost of $5 billion.
SkyPower had also bid for 6 solar power projects with a total capacity of 385 MW in the third bidding round of South Africa’s Renewable Energy Independent Power Producers Programme (REIPPP) in November 2013.
More recently, the company participated in the Renewable Energy Investors Summit (RE-INVEST) organised by the Indian government in mid-February 2015 and committed to develop 9.9 GW worth of solar power capacity in India over the next 5 years. SkyPower had, together with an India utility, signed an agreement in 2012 with one of the state government’s to set up 1 GW solar power project. The project was scheduled to be commissioned by 2017 but current status of the project remains unknown.
Speaking at a discussion forum at the Abu Dhabi Sustainability Week in January 2015 on the most attractive renewable energy markets around the world, Kerry Adler, President and Chief Executive Officer of SkyPower, said that Africa is a market of choice where lots of opportunities are on offer. He added that the company is also looking at other emerging markets where a ‘fair’ rate of return is available on the investments.
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