Schneider Electric to establish 40MW solar plant in Egypt’s Sharm El-Sheikh

France’s Schneider Electric (SCHN.PA) signed Monday a memorandum of cooperation to establish a 40-megwatt solar energy plant in Egypt’s Sharm El-Sheikh.

The initial cost to build the solar plant is €75 million (US$84.8 million).

Egyptian President Abdel Fattah al-Sisi and his French counterpart François Hollande, who is visiting Egypt, have witnessed the signing.

Albert Fuchet, Country President of Schneider Electric Egypt and North East Africa, has signed the memo with South Sinai governor Khaled Fouda. The ceremony was also in the presence of Mohamed Saad, President of Schneider Electric Africa and Caribbean Zone; and Sherif Abdel Fattah, Schneider Electric’s Vice President for Governmental Affairs & Renewable Energy.