Mr. Raymond Carlsen CEO of Scatec Solar said in an exclusive interview that he expects financial close by the end of October for the six solar power plants to be built in Ben Ban near Aswan in Upper Egypt. Scatec Solar and its partners signed 25-year Power Purchasing Agreements in April to build a total of 400 Megawatts. This is part of the Government’s 2 GW FiT solar energy program, which Mr.Carlsen described as impressive and ambitous. The projects will attract much needed foreign investment in the Renewable Energy and other sectors, he said.
Egypt is blessed with abundant sunshine and solar energy can be harnessed to meet several challenges – providing much needed electricity to promote economic growth, address the issues of energy shortages, climate change and pollution. The 870 GWh of clean electricity generated by the six solar plants will avoid 350,000 tons of CO2 emissions. The solar energy projects will also generate jobs, create and strengthen local supply chains. The fact that Scatec Solar will develop, build, own together with partners, as well as operate and maintain the six plants on 25 year PPAs is symbolic of the company’s long term commitment to Egypt, he said.
Scatec Solar has been very successful in South Africa, building the African continent’s first utility scale solar plant in Kalkbult in 2013. Currently three utility scale plants are operating in South Africa and several more are in the process. Scatec Solar has a strong sustainability footprint, with a commitment to local value creation and implementing community development programs. Mr.Carlsen plans to replicate the company’s South African success story in Egypt.
Total investment for the six Ben Ban projects is estimated at USD 450 million. With the arbitration issue resolved, DFIs are also now supporting the solar energy projects. Norfund, Norway’s DFI will be an equity partner with Scatec Solar. The European Bank for Reconstruction and Development (EBRD) is leading a consortium of banks to provide debt of about USD 350 million. Scatec Solar is considering the possibility of raising a portion of the funding in local currency from local Egyptian banks.
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