Norway’s Scatec agrees on Egypt Solar Plant as Part of $300 Million Plan

Scatec Solar ASA, a Norwegian developer of the renewable power facilities, will build a plant in Egypt as part of plans to invest more than US$300 million in the country within three years, Bloomberg reported.

The company agreed with Egypt’s New and Renewable Energy Authority to install a 50-megawatt plant under the government’s new system of feed-in tariffs that pay above-market rates to producers of clean energy, Scatec said Monday in an e-mailed statement.

“Together with our finance partners we target to develop, build, own and operate 150 megawatts to 200 megawatts of new solar power plants in Egypt over the next two to three years, investing more than $300 million,” Chief Executive Officer Raymond Carlsen said in the statement.

Egypt in January selected prequalified bidders for its first auction for clean-energy subsidies. It plans to support 4.3 gigawatts of solar and wind through 2017 to meet a target of getting 20 percent of its generation from low-carbon sources by 2020 from 12 percent now.