In the attendance of the President of Egypt Al-Sisi & Hollande the President of France Schneider Electric Signs MOI to Establish Solar Energy Power Plant in Sharm El Sheik
Cairo, Egypt: 18 April 2016 - As a part of Egypt’s strategy to promote investment and facilitate renewable energy projects, Schneider Electric, the global specialist in energy management and automation, today signed a Memorandum of Intent (MOI) with South Sinai Governorate to establish a solar energy power plant in Sharm El Sheikh with 40 MW capacity. The signing of the MOI, worth an estimated € 75 million, was witnessed by Egypt's President Abdel Fattah Al Sisi and French President Francois Hollande.
The MOI was signed by H.E Khaled Fouda, Governor of South Sinai Major General and Albert Fuchet, Country President, Schneider Electric Egypt and North East Africa. The signing ceremony was held at the Al Quba presidential palace in the attendance of Mohamed Saad, Africa & Caribbean Zone President at Schneider Electric; and Sherif Abdel Fattah, Vice President for Governmental Affairs & Renewable Energy, Schneider Electric Egypt and North East Africa.
“Egypt has significant solar power generation potential. However, its resources have to be fully and efficiently employed in order to maximize the return on such projects,” said Mohamed Saad, Africa & Caribbean Zone President at Schneider Electric. “Schneider Electric is keen to support the government’s strategy aiming to add 50,000 MW to the national grid within the coming 20 years, to address the growing needs on power supply. Today’s MOI is a prime example of how innovative projects such as this can support this strategy and help alleviate the burden on the national electricity grid while enhancing and supporting tourism in Sharm Al Sheikh with massive touristic infrastructure.”
The launch of a new solar energy plant takes place at a very critical time, as Egypt witnesses a major shift to renewable energy as a practical alternative to address the growing energy needs across all sectors. It is projected that the renewable and nuclear energy combined will represent 30% of the total power generated by the national grid by 2035. The Egyptian government is aiming to double the contribution of renewables (solar and wind) to the energy mix to reach 20% by 2022.
"The energy sector is one of Egypt’s key economic sectors with enormous growth potential. Solar energy is abundant and affordable in Egypt, representing untapped investment opportunities,” said Albert Fuchet-Country President, Schneider Electric Egypt and North East Africa. "Schneider Electric believes that the energy sector is more than capable of addressing the requirements of sustainable development, while contributing positively to driving the Egyptian economy and increasing competitiveness. Today's solar energy project in Sharm El Sheikh is another example of these ambitious initiatives. The alliance of Al Tawakol Electrical Company and Nile Consortium will establish a new joint venture to execute the project."
"The production and distribution of energy is one of the key aspects of cooperation between Schneider Electric and the government of Egypt," said Eng. Sherif A. Fattah, Vice President for Governmental Affairs and Renewable Energy, Schneider Electric Egypt and North East Africa. "One of the key projects on which we’ve cooperated with the Egyptian government was the Ministry of Electricity’s contingency plan aiming to add 3600MW to the national electricity grid. Schneider Electric was honored to be part of this plan provided more than 50% of the generation capacity. We are also striving to support the utilization of renewable energy, particularly with the introduction of the new feed-in tariff, which will positively impact the sector by offering huge incentives to attract more investments."
Stemming from its commitment to the Egyptian market, Schneider Electric has participated in number of significant projects in energy, industry, IT sectors in the Egyptian market by providing and installation its energy efficient solutions and products such as switch gears, MV&LV panels and HVAC. In addition, Schneider Electric operations in Egypt have greatly expanded to include key projects such as: Port Said and Port Said tunnels in the Suez Canal project in favor of Mantrac Company, Petrobel expansions, Al-Sokkary Gold Mine, Assuit Cement factories, Egypt Aluminum complex, Amreya wastewater treatment plant, Yosr salt water desalination station, SUMED Co. as well as other projects.