Consilio Group Plans USD 100 M Investment In Electricity From Solar Energy

US company Consilio Group, specialising in electricity generation from solar power, is planning to establish several projects in Egypt with capital of up to USD 100 m.

New and renewable energy is at the “top of the government’s priorities,” said Minister of Industry, Foreign Trade and Investment Mounir Fakhry Abdel Nour after his meeting with Consilio Chairman Oliver Meissner. Abdel Nour pointed out that Egypt currently has tremendous opportunities for solar energy projects, especially in remote areas of Upper Egypt.

Recurring electricity outages over the past three years due to a shortage in natural gas and diesel have prompted the government to search for energy alternatives, including solar power.

Abdel Nour added that the government’s announcement of electricity prices from private sector projects for new and renewable energy will serve as a starting point for attracting investments in this field.

Meissner added that Consilio is currently studying the details of several solar energy projects providing 300 MW of electricity per year over a period of 25 years in Egypt. He noted that the company produces over 9 GW of electricity annually in several countries including India, the UAE, the United States, Canada, Australia, Germany and Saudi Arabia.

Meissner said there are tremendous opportunities for projects in electricity generation from solar power in Egypt, especially given the country’s climate, which qualifies it to be a leader in this field.

Source: Daily News Egypt