Originally published on CleanTechies.
European solar power developer Scatec Solar has achieved a major milestone in its efforts to expand its footprint in the Egyptian solar market.
Scatec Solar recently announced that it signed power purchase agreements for solar power projects of cumulative capacity of 400 megawatts. The company will be set up under the first phase of feed-in tariff scheme announced by the Egyptian government.
The company signed agreements with the Egyptian government in 2015 for 250 megawatts. It is not clear if the latest agreements for 400 megawatts are in addition to the old agreements.
The 400 megawatts of capacity will be spread across six projects located in the Ben Ban region. The projects are expected to require a total investment of $450 million with $50-70 million equity investment coming from Scatec Solar; the balance of debt finance will likely come from the European Bank for Reconstruction and Development.
Norfund is also expected to partner with Scatec Solar to set up the projects. In 2014, the two signed an agreement to form a joint venture to invest in solar power projects in developing and least-developed countries.
The projects are expected to offset around 350,000 tonnes of carbon dioxide emissions every year and contribute significantly to Egypt’s target to generate 870 GWh from renewable energy sources.
A number of companies are working on large-scale solar power projects in Egypt. These include ACWA Power, SkyPower IGD, Terra Sola, and Mainstream.
Reprinted with permission.
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:
I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...