REC and O Capital partner for solar pv solutions for Africa
REC, the largest European brand of solar panels, and O Capital for Services and Contracting, a fully owned subsidiary of Orascom Telecom Media and Technology Holding (OTMT, Egypt), on September 3rd, 2015 announced that they have signed a new strategic venture to provide turn-key solar power solutions in Egypt, Africa and the Middle East.
This new cooperation combines REC’s high performing solar panels and expertise in solar power turn-key solutions with O Capital’s access to the promising local and regional solar markets and its excellent position in Egypt’s infrastructure projects. The two companies plan to co-develop a sales-focused and go-to-market approach, REC reports in a press release.
O Capital will manage tender processes for solar installations in the residential, commercial and utility segments and provide the relevant local expertise and resources for the turn-key installations.
Access to new tenders and customers in the region
“We are delighted to be working with O Capital,” says Luc Graré, Senior Vice President EMEA at REC. “The new cooperation gives us greater access to new tenders and customers in Egypt and other countries in the region offering amazing growth opportunities for solar energy. We expect the Middle East and Africa to become the second-largest region worldwide by 2017 in terms of new solar capacity added annually. Looking at Egypt, the government clearly understands the importance of power security for households and corporations and the economic potential solar is presenting as one of the fastest growing industries.”
Cooperation with O Capital to bring more PV projects for REC
REC’s recent installation projects in the region include one of the world’s largest solar test facilities in Dubai and the first privately financed large commercial rooftop installation in Dubai’s free zone. Furthermore, REC’s solar panels have been installed on the rooftop of a terminal at Dubai International Airport. More projects are already in the pipeline, and the new cooperation with O Capital is certain to bring more.
O Capital was founded earlier this year as a dedicated arm to execute renewable energy projects as part of OTMT’s new portfolio.
Egypt offers some of the region’s most lucrative opportunities for renewable energies
With demand for electricity growing rapidly, countries in the Middle East and North Africa region are increasingly focusing on renewable sources in their quest for greater energy security. Egypt’s renewable energy sector according to REC offers some of the region’s most lucrative opportunities and aims for steep growth over the next few years: By 2020, the country hopes to source 20% of its electricity from renewables, up from just 1% today.
Analysts expect the installed capacity to top 2,500 MW by that time. Saudi Arabia has similar ambitions and targets 41 GW of renewable energy by 2042, or one third of its power needs. Dubai, Morocco and Tunisia have also set high targets.