Spain’s Abengoa inks MoU with Egypt on Renewable Energy Development

Spain-based Abengoa signed Thursday a memorandum of understanding with Egypt’s New and Renewable Energy Authority and the Egyptian Electricity Transmission Company to define the terms of cooperation for renewable energy in Egypt.

The MoU was signed by Abengoa solar business chief executive Armando Zuluaga, during a ceremony in Madrid, witnessed by Egypt’s Minister of Electricity and Renewable Energy Mohamed Shaker.

It aims at initiating a commercial and technical relationship between three organisations, including a technology cooperation and local value creation relating to solar energy activities.

The MoU will allow cooperation on the development of solar thermal electricity and PV projects in Egypt.

Abengoa has carried out various studies to assess the potential of solar technologies in the country to contribute to the security of supply of the Egyptian electricity system and the economic development.

Abengoa offers proven proprietary solar technologies (solar thermal and photovoltaic), with a special focus on innovation in the development of new solar technologies, develops and operates solar plants. The company currently has a total installed capacity of 1,603 MW in commercial operation, 360 MW under construction and 320 MW in the pre-construction phase, distributed in 32 plants worldwide.

Source: Re News