The leaders of the worldwide solar energy industry get into the Egyptian market set for enormous expansion.
The Arabian company Terra Sola was the first to conclude an investment agreement with the Egyptian government, estimated at 3, 5 milliard dollars. The fact became known after the meeting between the Egyptian Prime Minister and David Heimhofer, Chairman of the Board at Terra Sola.
The meeting took place after the Egyptian Energy Minister met with the officials of the company SkyPower, who proposed to assist in the projects aimed at setting up 3 GW of solar capacity in Egypt. Terra Sola is ready to put into operation the facilities from 3 to 3, 5 GW in capacity. In the first place, it is planned to build the solar PV facilities of 800 MW.
According to Terra Sola plan of actions, an annual revenue of 760 million dollars and the employment of 20000 people is expected.
Presently many world companies are interested in the Egyptian solar market expansion. Such a lively interest was aroused by the ambitious plans put forward by the Egyptian government to increase the volumes of energy production from alternative sources, which are supposed to amount to 20% of the total energy market volume by 2020. Besides, the Egyptian tariffs for electricity are fairly attractive. For example, the projects from 0,5 MW to 20 MW are estimated at 13, 6 piastres per kWh, and the projects from 20 MW to 50 MW are estimated at 14, 34 piastres per kWh. It is a 25- year contract.
A recent bid auction held in the solar and wind energy sectors received an unexpectedly great number of applications of the companies which suggest to increase the capacity volumes twofold as much and even more.
