CAIRO: Access Power MEA intends to invest $600 million in the renewable energy sector in Egypt over the next three years, to build solar and wind plants to produce 300 megawatt (MW), al-Borsa news reported.
“Access aims starting its production potentials by the end of 2016, through building two solar and wind power plants of 100 MW that will cost $75 million for the solar plant and $80 million for the wind plant ,” Reda el-Chaar, Chairman of the company, told al-Borsa.
Chaar added that negotiations are being held with a number of the financial institutions, including International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), to provide around 70-80% of the requirement funds for the two projects.
A Memorandum of Understanding (MoU) was signed April 29 between the Egyptian Ministry of Electricity and Renewable Energy and Access Power MEA, during the Middle East Solar Industry Association’s (MESIA) Renewable Energy Trade Mission in Cairo April 28-29, 2015.
The agreement includes the development of a 65 megawatt solar plant in Aswan and a 50 megawatt wind project in Zafarana. The projects are estimated to cost $200 million.
Access Power has 600 megawatts of renewable energy projects under development in Africa and said it is looking forward to increase its projects in the coming year.