Skypower to develop 3,000MW of solar in Egypt
Company commits to building a $173m training, R&D facility in the country
Solar project developer Skypower has signed a deal with the Egyptian government to develop 3,000MW of solar energy in the country.
The Canadian company said that around $5bn of invetment would be made in the country, and that it has committed $173m to develop training and R&D facilities in the country. The deal was signed at the Egypt The Future economic development conference in Sharm El Sheikh last weekend.
Skypower, which is majority-owned by US-based fund manager CIM, signed its deal as part of a joint venture with International Gulf Development (IGD) - a partnership between Al Hamed Enterprises and Gulf Data International.
Skypower said that projects will be developed in phases over the next four years working alongside the Ministry of Electricity, but that it anticipates the first phase to begin in late 2015. As part of the deal, it will also build fabrication and assembly facilities in Egypt.
SkyPower president and CEO Kerry Adler said: "The signing of this monumental agreement demonstrates the shared passionate aspirations of global partnerships that will substantially impact the country's GDP, contributing approximately $16.1bn, resulting in increased opportunities for employment, skills training, youth and education."
Egypt's Minister of Electricty and Renewable Energy, Mohamed Shaker, said: "Foreign investment in Egypt helps build the economy and strengthen international ties with well-respected and viable partners such as SkyPower IGD," said Minister of Electricity and Renewable Energy.
The Canadian Ambassador to Egypt, Troy Lulashnyk, who was present at the signing said the agreement "marks a significant milestone" for international businesses, sending a "clear signal...that they can work in Egypt with confidence, and to Egyptians that their country is open for business."