Banks & Companies

SSO invests $600m in solar energy programme for 2 years

9th November 2015

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7-3-solar copy — Solfocus to introduce affordable solar energy technology By Reem Nafie Daily News Egypt CAIRO: SolFocus, Inc., whose mission is to enable solar energy generation at cost parity with fossil fuels, has announced its interest in establishing a subsidiary in Egypt that will work to generate electricity. “With its abundant sunshine and land resources, the Middle East region is ideally suited to benefit from the substantial opportunity for solar energy,” Gary D. Conley, chairman and CEO of SolFocus Inc., told Daily News Egypt. SolFocus provides solar energy generation at a cost equal to or better than traditional electric generation from natural gas, oil, and even coal by utilising technology that eliminates cost barriers. Conley was in Egypt to give a keynote address titled “Concentrator photovoltaic (CPV) to deliver solar energy at cost parity with fossil fuels,” part of an executive session at the International Conference on Sustainable Energy. He explained the company’s technologies and how sunny regions like the Middle East and North Africa are ideal for solar energy production. “Specifically, we believe SolFocus CPV technology, which concentrates a large amount of sunlight onto a small amount of active solar material, can provide the region with the greatest amount of energy at the lowest cost. This is especially relevant in a location like Egypt that is looking for promising technology to bring solar energy generation to cost-parity with energy generated using fossil fuels,” he said. SolFocus develops and markets solar concentrator photovoltaic (CPV) systems, trackers for CPV and flat panel PV installations, and is expanding into other solar technologies such as solar thermal. Founded in 2005 with a focus on reliable, low-cost, high-volume manufacturability, SolFocus solar systems and solutions can reduce the cost of delivering renewable solar energy, and ultimately compete with conventional fuels in several large, multi-billion-dollar en

Daily New: scatec Solar (SSO) is launching a plan to invest more than $600m in Egypt’s solar energy programme over the next two years, according to Terje Osmundsen, SSO Senior Vice President for Business Development.

In a press statement, SSO announced they already began engineering and procurement related activities in Benban and Zaafarana, the two solar sites in Egypt.

“Topography and geotechnical studies have already been completed, work begun on the environmental and social impact assessment, and weather stations are being installed at the two sites to measure solar irradiation, heat, and soiling losses,” the statement read.

SSO signed agreements with the Egyptian government to participate in five projects for a total of 250MW under Egypt’s new the feed-in tariff (FIT) photovoltaic programme. They will lead the developer in one project and will participate as strategic investor in the other four.

SSO CEO Raymond Carlsen said Egypt decided to diversify its energy mix and invited foreign solar energy developers to construct 2.3 GW utility scale solar plants in the next two years to meet the rising demand of electricity, to promote economic growth, provide clean energy, and create more jobs opportunities.

Carlsen said SSO will provide training and teach skills to the citizens during the construction of solar plants. Once the Egyptian government issues agreements and permits, the company will work immediately to quickly deliver much-needed electricity.

“SSO decided to establish a regional headquarter located in Cairo to support its activities in Egypt,” the statement read. “According to Integrated Power Producer (IPP), SSO takes responsibility not only for developing, financing, and building solar power plants but also for its long-term operation and maintenance.”

The company said for Egypt to succeed with new solar power, policy requires about 40 solar developers at each of the two sites Benban and Zaafarana.

By 2022, Egypt plans to supply 20% of its power from energy. The foreign investments, over the next seven years, are required to build 6 GW of solar stations with investment of $9bn to $10bn, according to the statement.

SSO is an integrated independent power producer, aiming to make solar power a sustainable and affordable source of energy worldwide.