Egyptian Government and SkyPower IGD sign historic solar power agreement
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 -- Unprecedented milestone in Egypt's ambitious renewable energy plan -- Agreement reached at the first ever Egypt Economic Development Conference -- 600 MW of fabrication and assembly facilities in Egypt -- Commitment of US$173 million for education, training and research and development
SkyPower Global and International Gulf Development (IGD) have signed a historic agreement with the Government of Egypt for the development of 3,000 megawatts (MW) of utility-scale solar photovoltaic (PV) projects to be built over the next four years.
The agreement represents an unprecedented milestone in Egypt's strategic plan to develop a sustainable renewable energy industry, creating thousands of new green energy jobs and attracting billions in capital investment.
SkyPower, in partnership with IGD, finalized the agreement with the Egyptian government at the first ever Egypt Economic Development Conference (EEDC) during a signing ceremony where many key infrastructure projects were unveiled for Egypt's prosperous future.
"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.
On signing the agreement, SkyPower President and Chief Executive Officer, Kerry Adler applauded the country's ambition and reiterated its support for its 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, the venture – in which SkyPower joins forces with Middle Eastern infrastructure specialists IGD – will entail a multi-phase development that will result in the production of clean, sustainable and cost-effective energy to support the growing energy needs of Egypt and directly contribute to the government's goal of producing 20% of energy from renewables by 2020.
Working closely with the Egyptian Ministry of Electricity and Renewable Energy in the development of the solar PV energy projects, SkyPower IGD's phase one will reach commercial operation in late 2015.
The Canadian Ambassador to Egypt, Troy Lulashnyk, who was present at the signing 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."
Egyptian government ministers likewise expressed their enthusiasm over the solar projects and the massive investment it brings. "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."
SkyPower is the largest and one of the most successful developers and owners of solar energy projects in the world. With roots dating back to over a decade, SkyPower's global team possesses a vast track record of over 800 years of combined experience in power and large infrastructure projects.
The experienced and accomplished SkyPower team has built, assembled and acquired an extensive pipeline of over 25,000 MW worldwide – 3,000 MW of which was recently announced in a bilateral agreement to be built on the continent of Africa over the next five years.
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 worth of long-term renewable energy sales to leading utilities and governments around the world.
The SkyPower team over the past decade has proudly established long-term strategic partnerships with local, in-country developers. As well, SkyPower has consulted for and advised international leaders and Heads of State in its unprecedented approach to working in unison with these leaders to ensure a brighter future for generations to come. 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.
SkyPower prides itself on its established relationships with world leading banks and financial institutions, as well as with its global and local suppliers, and the indigenous peoples and communities who work hand in hand with SkyPower with the shared objective of producing hundreds of millions of kWh of clean electricity each and every year. www.skypower.com
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. www.cimgroup.com