The MoU intends to start a commercial and technical relationship between Abengoa, the New and Renewable Energy Authority of Egypt (NREA) and the Egyptian Electricity Transmission Company (EETC) that also includes a technology cooperation and local value creation for solar energy activities.
The parties will work together in the development of solar thermal electricity and photovoltaic projects in Egypt.
Egypt intends to generate about 20% or 12GW of its total power from renewables by 2022, of which about half is planned to be solar.
About $9bn to $10bn in foreign investments will be required to install 6GW of solar capacity.
Spain-based Abengoa has undertaken several studies to identify the potential of solar technologies in Egypt to contribute to the supply security of the country’s electricity system and the economic development.
The company provides solar technologies besides developing and operating solar plants.
Abengoa currently has a total installed capacity of 1,603MW in commercial operation, 360MW under construction and 320MW in the pre-construction phase, distributed in 32 plants globally.
Image: Abengoa CEO Armando Zuluaga and Egypt Minister of Electricity and Renewable Energy Shaker El-Markabi sign MoU. Photo: courtesy of Abengoa.
