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SSO invests $600m in solar energy programme for 2 years - Daily News Egypt

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SSO invests $600m in solar energy programme for 2 years

Scatec Solar signed agreements with Egypt to participate in five solar projects at 250MW


Scatec Solar (SSO) is launching a plan to invest more than $600m in Egypt’s solar energy programme over the next two years, according to Terje Osmundsen, SSO Senior Vice President for Business Development.

In a press statement, SSO announced they already began engineering and procurement related activities in Benban and Zaafarana, the two solar sites in Egypt.

“Topography and geotechnical studies have already been completed, work begun 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,” the statement read.

SSO signed agreements with the Egyptian government to participate in five projects for a total of 250MW under Egypt’s new the feed-in tariff (FIT) photovoltaic programme. They will lead the developer in one project and will participate as strategic investor in the other four.

SSO CEO Raymond Carlsen said Egypt decided to diversify its energy mix and invited foreign solar energy developers to construct 2.3 GW utility scale solar plants in the next two years to meet the rising demand of electricity, to promote economic growth, provide clean energy, and create more jobs opportunities.

Carlsen said SSO will provide training and teach skills to the citizens during the construction of solar plants. Once the Egyptian government issues agreements and permits, the company will work immediately to quickly deliver much-needed electricity.

“SSO decided to establish a regional headquarter located in Cairo to support its activities in Egypt,” the statement read. “According to Integrated Power Producer (IPP), SSO takes responsibility not only for developing, financing, and building solar power plants but also for its long-term operation and maintenance.”

The company said for Egypt to succeed with new solar power, policy requires about 40 solar developers at each of the two sites Benban and Zaafarana.

By 2022, Egypt plans to supply 20% of its power from renewable energy. The foreign investments, over the next seven years, are required to build 6 GW of solar stations with investment of $9bn to $10bn, according to the statement.

SSO is an integrated independent power producer, aiming to make solar power a sustainable and affordable source of energy worldwide.

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https://dailyfeed.dailynewsegypt.com/2015/10/28/sso-invests-600m-in-solar-energy-programme-for-2-years/
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