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Egypt to Build Massive Solar Power Plants Worth $3.5 Billion

published: 2016-04-29 15:58

Egypt is planning on a series of solar power generating plants worth around $ 3.5 billion. The project is a partnership between global companies, and will reportedly add 2 gigawatts (GW) of electricity for the nation, while boosting job opportunities and increasing revenue. The plans have been in the works for years, but this is the first time the true size and scope of the project have been revealed.

This announcement builds on the memorandum of understanding (MoU) Terra Sola signed with state-run Egyptian Electricity Holding Company (EEHC) last year. At that time, the solar project was described only as “large scale,” but the company didn’t disclose any further details. Now, we understand the solar power plant project to be quite massive. In addition to the power plants, the project also calls for a 200 MWh PV module and inverter manufacturing facility to build parts for the power plants as well as for export. Interests from a number of different countries are coming together to bring this enormous project together after years of planning. Partners include Bahrain-based Terra Sola Ventures, Swiss wealth management company Terra Nex, RWE New Energy, Hareon Solar Technologies, and several German tech companies.

Egypt ranked as one of the worst countries in terms of sustainability in a 2015 study, so perhaps the nation’s leaders are turning over a new leaf. It’s still early, though, and this mega project has no public timeline yet. However, once construction of the manufacturing facility begins, it is expected to create more than 1,500 jobs, plus another 1,000 permanent positions to support ongoing operations.
Source: inhabitat

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