Egypts Ministry of Electricity and Renewable Energy has signed seven binding memoranda of understanding (MOUs) totaling 320 MW of solar and wind projects worth some $500 million under the governments feed-in tariff (FIT) program.
The country is looking to install 4.3 GW of wind and solar power by 2017, including 2.3 GW of solar (2 GW of large-scale and 300 MW of small scale under 500 kW) and 2 GW of wind.
The ministry signed the agreements during last weeks Middle East Solar Industry Association (MESIA) Trade Mission in Cairo, which took place April 27-28. The forum brought together 150 local and international investors and project developers to explore investment opportunities in Egypts solar and wind sector.
The MOUs included five agreements for solar projects totaling 220 MW and two wind projects consisting of 100 MW. All seven projects are located on government land, with solar projects to be located in Binban and Aswan and wind farms in Zafarana on the Gulf of Suez.
UAE group Access, which last week announced plans for a 65 MW solar project as well as a 50 MW wind farm, has so far secured a 50 MW PV installation, according to the MESIA.