International companies are making swift progress on their plans to significantly boost renewable energy capacity addition in Egypt.
An international consortium led by Terra Sola recently announced that it started construction of a 2 GW solar power project in Egypt. The project is expected to require a total investment of $3.5 billion. The consortium includes Terra Sola Ventures, Terra Nex, RWE New Energy, and Hareon Solar Technologies.
The entire project also includes construction of 200 MW solar PV module fabrication facility as well as an inverter manufacturing unit. Equipment manufactured at these facilities shall be used locally and will also be exported to other markets.
Terra Sola had announced plans for this venture last year. The company had briefed the government about its plans to set up extensive solar power infrastructure in the country. The company had stated that it expects an annual revenue of $760 million and provide employment to 20,000 people through this investment plan.
Several international project developers have announced aggressive plans to set up solar power projects in Egypt. A total of 39 project developers have signed agreements with the Egyptian government to set up 1.8 GW solar power project in Aswan province.
Other companies, including Siemens, Skypower Global, ACWA Power-Masdar, Scatec Solar and Mainstream-Actis, have also announced planned major investments in the solar as well as wind energy sectors in Egypt.