Orascom’s O Capital, Norway’s REC to start solar projects in Egypt

Egypt’s O Capital for Energy enters an alliance with Norway-based REC Group to carry out solar energy projects in Egypt and the Arab world in the coming period.

Established in March 2015, O Capital for Energy is a subsidiary of Egypt-based Orascom Telecom, Media & Technology; dedicated for construction or management, operation and maintenance of power plants with different sources and distribution networks.

REC Group is a Norwegian company manufactures silicon for incorporation in solar cells and modules in plants throughout Europe and in North America. It sells these products worldwide.

From his part, Tamer El Mahdi – CEO of O Capital – told Amwal Al Ghad Monday that his company is looking forward to benefitting from the expertise of international companies speciliased in building up solar power plants.

O Capital’s goal is triggered by Egypt’s growing potentials to attract around 100 international firms to establish renewable energy plants in the coming period with investments exceeding US$5 billion, El Mahdi said.

“O Capital-REC alliance is a pivotal step towards achieving Orascom’s strategy to expand into renewable energy sector in the coming phase.” said El Mahdi

Meanwhile, O Capital currently awaits the Ministry of Electricity to conclude an agreement with REC to import the energy, he added.