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Publish Date : 08-Sep-2015

A new strategic venture has been signed by Germany-based solar company REC and O Capital for Services and Contracting, a fully owned subsidiary of Egypts Orascom Telecom Media and Technology Holding, to provide turn-key solar power solutions in Egypt, Africa and the Middle East. This association combines RECs solar panels and expertise in solar power turn-key solutions with O Capitals access to the promising local and regional solar markets and its excellent position in Egypts infrastructure projects.

According to plans, both the companies would co-develop a sales-focused and go-to-market approach where O Capital will be managing tender processes for solar installations in the residential, commercial and utility segments and make available the relevant local expertise and resources for the turn-key installations, while REC will add its strong engineering expertise. Orascom subsidiary O Capital is been supported by REC with its knowledge on best-practice in EPC and O&M through on-the-job training and workshops to help get new solar projects in the region up and running effectively and reliably.

Apart from RECs long track record in the region, recent installation projects also covers one of the worlds largest solar test facilities in Dubai and the first privately financed large commercial rooftop installation in Dubais free zone. Also, RECs solar panels have been installed on the rooftop of a terminal at Dubai International Airport, and many other projects are in the pipeline, and the new cooperation with O Capital is expected to get in more projects.

A sister company of O Capital, O Capital for Energy, was one among the first firms to receive the temporary license to build and operate a 50 MW solar power plant within the Feed-in-Tariff program of the Government of Egypt. Luc Grare, Senior Vice President EMEA at REC, said, We are delighted to be working with O Capital. 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.

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