Scatec Agrees on Egypt Solar Plant as Part of $300 Million Plan

(Bloomberg) — Scatec Solar ASA, a Norwegian developer of
the renewable power facilities, will build a plant in Egypt as
part of plans to invest more than $300 million in the country
within three years.

The company agreed with Egypt’s New and Renewable Energy
Authority to install a 50-megawatt plant under the government’s
new system of feed-in tariffs that pay above-market rates to
producers of clean energy, Scatec said Monday in an e-mailed
statement.

“Together with our finance partners we target to develop,
build, own and operate 150 megawatts to 200 megawatts of new
solar power plants in Egypt over the next two to three years,
investing more than $300 million,” Chief Executive Officer
Raymond Carlsen said in the statement.

Egypt in January selected prequalified bidders for its
first auction for clean-energy subsidies. It plans to support
4.3 gigawatts of solar and wind through 2017 to meet a target of
getting 20 percent of its generation from low-carbon sources by
2020 from 12 percent now.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Tony Barrett, Randall Hackley

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