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Egyptian solar energy solutions provider REC and Orascom Telecom Media and Technology Holding subsidiary O Capital have announced a new venture to provide turnkey solar solutions in Egypt, Middle East and Africa
The agreement entails REC providing its engineering services in solar solutions, while O Capital will manage tender processes for solar installations, said REC. Together, the two companies are expected to co-develop a sales-focused and go-to-market approach.
REC senior vice-president EMEA Luc Graré said, “We are delighted to be working with O Capital. The new cooperation gives us greater access to new tenders and customers in Egypt and other countries in the region offering growth opportunities for solar energy. We expect the Middle East and Africa to become the second-largest region worldwide by 2017 in terms of new solar capacity added annually.”
Countries in the MENA region are focusing on renewable sources for greater energy security. Egypt’s renewable energy sector offers some of the region’s most lucrative opportunities and aims for steep growth over the next few years – by 2020, the country hopes to source 20 per cent of its electricity from renewables, up from just one per cent today, stated REC. Analysts expect the installed capacity to top 2,500MW by that time.
Similarly, Saudi Arabia too is targeting 41GW of renewable energy by 2042 (one third of its power needs). Dubai, Morocco and Tunisia have also set high targets.
As part of its expansion plans in the MENA, specifically Egypt’s solar energy sector, REC will introduce programmes and structures such as local sales offices and cooperations. The company is assisting O Capital with its knowledge on best-practice in engineering, procurement and construction, as well as operations and management, through on-the-job training and workshops to help get new solar projects in the region up and running effectively and reliably.