Last week, REC, a European turnkey solar solutions provider and O Capital for Services and Contracting, announced a new strategic venture to provide turn-key solar power solutions in the MENA region. O Capital is a fully owned subsidiary of Egypt-based Orascom Telecom Media and Technology Holding.
The joint venture has plans to develop a strategy to distribute solar systems amongst the residential, commercial and utility segments and provide the necessary local expertise and resources for the turnkey installations, REC said in a statement.
MENA: Increasing demand for power
Countries in the MENA region are investing in renewable power to assist in meeting the increasing demand for reliable and sustainable power supply.
According to REC, Egypt expects to generate 20% of its power from renewable sources by 2020, which is currently only contributing 1%.
“Analysts expect the installed capacity to top 2,500MW by that time. Saudi Arabia has similar ambitions and targets 41GW of renewable energy by 2042, or one third of its power needs”, the Norway-based solar company said.
Solar panel installations
REC was involved in the installation of one of the world’s largest solar testing facility in Dubai and the first privately financed large commercial rooftop installation in Dubai’s free zone, REC said in a statement.
Senior Vice President EMEA at REC, Luc Graré commented: “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.”