Representing an unprecedented milestone in Egypt’s strategic plan to develop a sustainable renewable energy industry, SkyPower Global and International Gulf Development (IGD) have signed a historic agreement with the Government of Egypt. The deal for the development of 3,000 megawatts (MW) of utility-scale solar photovoltaic (PV) projects is to be built over the next four years. Resulting in the production of clean, sustainable and cost-effective energy to support Egypt’s growing energy needs, the 3,000 MW project is also creating thousands of new green energy jobs and attracting billions in capital investment.
Finalizing the deal with the Egyptian government at Egypt’s premier Economic Development Conference (EEDC), SkyPower participated in a signing ceremony in partnership with IGD. Many key infrastructure projects were unveiled for Egypt’s glowing economic future during this important signing ceremony.
“The availability of energy and managing the demand for it is one of the main priorities on the Egyptian development agenda,” said President of Egypt, Abdel Fattah Al-Sisi, during the EEDC.
SkyPower, IGD, and Egypt
SkyPower President and Chief Executive Officer Kerry Adler applauded Egypt’s ambition, announcing SkyPower’s support for the country’s economic vision. “SkyPower commends the leadership of Egypt for swiftly executing its well designed strategic blueprint to ensure a bright and prosperous future for all Egyptians, for generations to come,” said Mr. Adler. “The signing of this monumental agreement demonstrates the shared passionate aspirations of global partnerships that will substantially impact the country’s GDP, contributing approximately US$16.1 billion, resulting in increased opportunities for employment, skills training, youth and education.”
Bringing together extensive international expertise, SkyPower and Middle Eastern infrastructure specialists IGD will work closely with the Ministry of Electricity and Renewable Energy in developing the Egyptian solar PV energy project. Entailing a multi-phase development, SkyPower IGD’s phase one will reach commercial operation in late 2015. Supporting the growing energy needs of Egypt, the project will directly contribute to the government’s goal of producing 20% of energy from renewables by 2020.
SkyPower lists the highlights and additional advantages of the SkyPower IGD Egypt agreement as follows:
• Unprecedented milestone in Egypt’s ambitious renewable energy plan
• Agreement reached at the first ever Egypt Economic Development Conference
• Landmark agreement with Egypt for 3,000 MW of utility-scale solar PV projects
• US$5 billion of investment will create 75,000 total job years
• 600 MW of fabrication and assembly facilities in Egypt
• Commitment of US$173 million for education, training and research and development
Egypt is “Open for Business”
Ministers of the Egyptian government expressed their support and enthusiasm for the many new solar projects and the significant investment this is bringing. “Foreign investment in Egypt helps build the economy and strengthen international ties with well-respected and viable partners such as SkyPower IGD,” said Mohamed Shaker, Minister of Electricity and Renewable Energy. “Egypt is pleased,” added Ashraf Salman, Minister of Investment. “It represents a continued effort to provide even more clean and renewable energy that can be sustained for decades to come.”
Also present at the historic signing ceremony was Troy Lulashnyk, the Canadian Ambassador to Egypt. Ambassador Lulashnyk said the agreement “marks a significant milestone” for international businesses, sending a “clear signal…that they can work in Egypt with confidence, and to Egyptians that their country is open for business.”
SkyPower: “Over 800 Years of Combined Experience”
Worldwide, the experienced and accomplished SkyPower team has built, assembled, and acquired an extensive pipeline of over 25,000 MW of solar projects. With roots extending back more than a decade, SkyPower is the largest and one of the most successful developers and owners of solar energy projects in the world. As SkyPower states, it has “over 800 years of combined experience in power and large infrastructure projects.”
In the past few years, SkyPower has secured over two dozen utility-scale solar PV and wind Power Purchase Agreements (PPA) and contracts representing an estimated total of over US$70 billion in long-term renewable energy sales to leading utilities and governments around the world. Recently announced in a bilateral agreement, 3,000 MW of utility-scale solar PV projects are to be built by SkyPower and FAS Energy in Nigeria over the next five years.
Toronto, Canada-based SkyPower is majority owned by CIM, a transformational urban real estate and infrastructure investment firm founded in 1994 with approximately US$18.7 billion in assets under management. Over the past decade, the SkyPower team has established long-term strategic partnerships with local, in-country developers. Through its dedicated team members, composed of employees, consultants, and advisors working out of 35 international offices, SkyPower develops, finances, owns, and operates solar energy projects from the initial stages through commercial operation in more than 60 countries around the world.