Abengoa signs a Memorandum of Understanding with the Government of Egypt to cooperate in the development of the national renewable energy industry
- This MoU sets cooperation terms for the development of dispatchable solar power plants, in particular Solar Thermal Electricity (STE), in Egypt.
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the international company that applies innovative technology solutions for sustainability in the energy and environmental sectors, signed today a Memorandum of Understanding (MoU) with the New and Renewable Energy Authority of Egypt (NREA) and the Egyptian Electricity Transmission Company (EETC) to define the terms of cooperation in the field of renewable energy in Egypt.
The memorandum of understanding was signed today by Armando Zuluaga, CEO of Abengoa solar business, during a ceremony in Madrid, witnessed by Dr. Mohamed Shaker El-Markabi, Minister of Electricity and Renewable Energy of Egypt.
The memorandum aims at initiating a commercial and technical relationship between NREA, EETC and Abengoa, including a technology cooperation and local value creation relating to solar energy activities.
This MoU will allow to cooperate on the development of solar thermal electricity (STE) and photovoltaic projects in Egypt, a country with one of the best solar radiation levels in the world. 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.
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB) applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com)