REC and "O Capital for Services and Contracting" announce that the two companies have signed a Memorandum of Understanding (MOU) to realize solar installations in Egypt. The first confirmed project from this event will be the construction of a 50MW-AC solar park in Benban near Aswan. The system is planned to be operational by September 2017.
With this MOU, Luc Graré, Senior Vice President of Sales and Marketing EMEA at REC, and Hatim E. El Gammal, Mergers, Acquisitions and Business Development Officer for OTMT, are setting up the foundation for concrete solar projects, where REC will serve as the EPC expert (engineering, procurement and construction) and provide German engineering expertise.
"The signing of this MOU is a new milestone for the solar industry in Egypt and other countries in this region", explains Luc Graré. "We are proud to make an important step into providing a more sustainable energy supply in North Africa with this project in Benban. Access to clean electricity in the Middle East and North Africa should not be underestimated as a factor in economic and political stability."