Canadian solar company signs $5B deal with Egypt

CAIRO—Toronto-based global solar power company SkyPower Global and infrastructure engineering firm International Gulf Development (IGD) have signed a US$5-billion deal to build 3,000 megawatts of utility-scale solar photovoltaic (PV) projects for the government of Egypt.

Skypower says the deal will “create 75,000 total job years” and adds 600 megawatts of fabrication and assembly facilities in Egypt.

SkyPower, in partnership with IGD, finalized the agreement with the Egyptian government at the first ever Egypt Economic Development Conference (EEDC) during a signing ceremony where many key infrastructure projects were unveiled for Egypt’s prosperous future.

“The availability of energy and managing the demand for it is one of the main priorities on the Egyptian development agenda,” said President of Egypt, Abdel Fattah Al-Sisi.

On signing the agreement, SkyPower President and Chief Executive Officer, Kerry Adler applauded the country’s ambition and reiterated its support for its economic vision.

“SkyPower commends the leadership of Egypt for swiftly executing its well designed strategic blueprint to ensure a bright and prosperous future for all Egyptians, for generations to come,” said Skypower CEO Kerry Adler. “The signing of this monumental agreement demonstrates the shared passionate aspirations of global partnerships that will substantially impact the country’s GDP, contributing approximately US$16.1 billion, resulting in increased opportunities for employment, skills training, youth and education.”

SkyPower IGD’s phase one plans to reach commercial operation in late 2015.

The Canadian Ambassador to Egypt, Troy Lulashnyk, said the agreement “marks a significant milestone” for international businesses, sending a “clear signal…that they can work in Egypt with confidence, and to Egyptians that their country is open for business.”

SkyPower develops and owns solar energy projects around the world.