Renewable

March 18 (SeeNews) - Canadian solar firm SkyPower and International Gulf Development (IGD) expect to complete in late 2015 the first phase of their planned 3 GW of utility-scale solar parks in Egypt, according to a Tuesday press release.

SkyPower Global Middle Eastern infrastructure specialist IGD say that around USD 5 billion (EUR 4.7bn) will be invested as part of their plan. The 3 GW will be installed in stages over the next four years. The companies also mentioned that fabrication and assembly facilities with a combined capacity of 600 MW will be built in Egypt.

On Sunday, the government of Egypt inked two pacts for the construction of 5 GW of solar photovoltaic (PV) parks, including the 3-GW deal with SkyPower and IDG. The other agreement is with Bahrain-based Terra Sola Group and Tera Nix and calls for the construction of a 2-GW solar complex.

The memoranda of understanding (MoU) with the two solar consortia were signed on the sidelines of Egypt Economic Development Conference.

(USD 1.0 = EUR 0.944)