Access Power MEA, a developer, owner and operator of power assets in the Middle East and Africa, has signed a memorandum of understanding (MoU) with the Egyptian Ministry of Electricity and Renewable Energy (MERE), which will see the development of a 65 MWp solar photovoltaic (PV) plant, in Aswan.
The MoU also agreed a long-term lease for the land on which the project, which would break ground next year, would be developed.
Access was meanwhile also in discussions with MERE over the possible development of a 50 MW wind project, in Zafarana.
Once completed, the projects, which would be built simultaneously, would have a combined value of $200-million, making Access one of the first participants of government’s 4 300 MW Round One Feed-in-Tariff programme.
The two projects would also bring total private sector investments made under the auspices of the renewable-energy programme to $750-million and would bring the total volume of power provided under this scheme to 500 MW.
Following the agreement, the global power firm would have 600 MW of renewable-energy projects under development in Africa and would be looking to increase its footprint across the continent in the coming year, alongside its consortium partner EREN.
“We are delighted to be part of Egypt’s ambitious programme to generate up to 4 300 MW of clean energy and believe that private sector investment and expertise can play a crucial role in creating additional energy capacity in the country.
“It is through exciting projects like these in Aswan and Zafarana that we will meet growing energy demand and benefit the people of Egypt,” commented Access chairperson Reda El Chaar in a statement on Wednesday.
Egypt’s New and Renewable Energy Authority added that the country was determined to fulfil its announced target of achieving 4 300 MW of renewable energy in the next three years.