REC, the largest European brand of solar panels and O Capital for Services and Contracting (O Capital), an energy subsidiary of Orascom Telecom Media and Technology Holding (OTMT), signed a cooperation agreement on Tuesday, which is designed to provide turn-key solar power solutions in Egypt, Africa and the Middle East.
A statement by both companies said the deal “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”.
“This cooperation is a vital step in accomplishing OTMT’s strategy to expand its business into the renewable energy sector,” said Tamer al-Mahdi, chairman of O Capital and Deputy CEO of OTMT. “OTMT’s strong local management and strong financial position, together with REC’s strong and sustainable track record, will enable this new alliance to dominate this growing market in Egypt and the region.”
“Egypt’s renewable energy sector 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 percent of its electricity from renewables, up from just 1 percent today,” read the statement