REC and O Capital announce a new alliance to provide turn-key solar power solutions in Egypt, Africa and the Middle East

This new cooperation 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. The two companies plan to co-develop a sales-focused and go-to-market approach where O Capital will manage tender processes for solar installations in the residential, commercial and utility segments and provide the relevant local expertise and resources for the turn-key installations, while REC will add its strong engineering expertise.

The latest cooperation is part of REC’s wider go-to-market strategy in the region, in which REC is introducing programs and structures – such as local sales offices and cooperations – that drive its business success around the world. The new alliance will enhance REC’s growing reputation and position in the region. REC is assisting O Capital with its own vast 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.

In addition to REC’s long track record in the region, recent installation projects include one of the world’s largest solar test facilities in Dubai and the first privately financed large commercial rooftop installation in Dubai’s free zone. Furthermore, REC’s solar panels have been installed on the rooftop of a terminal at Dubai International Airport. More projects are already in the pipeline, and the new cooperation with O Capital is certain to bring more.

Backed by its parent company, O Capital was founded earlier this year as a dedicated arm to execute renewable energy projects as part of OTMT’s new portfolio. It is worth mentioning that O Capital for Energy, a sister company of O Capital, was one of the first companies to be granted the temporary license to build and operate a 50 MW solar power plant within the Feed-in-Tariff program of the Government of Egypt.

“We are delighted to be working with O Capital,” says Luc Graré, Senior Vice President EMEA at REC. “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.”

With demand for electricity growing rapidly, countries in the Middle East and North Africa region are increasingly focusing on renewable sources in their quest for greater energy security. 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% of its electricity from renewables, up from just 1% today. Analysts expect the installed capacity to top 2,500 MW by that time. Saudi Arabia has similar ambitions and targets 41 GW of renewable energy by 2042, or one third of its power needs. Dubai, Morocco and Tunisia have also set high targets.

Tamer El Mahdi, Chairman of O Capital and Deputy CEO of OTMT, commented: “We are delighted to have reached such an agreement with REC, a company with a strong brand and a large footprint in the solar market. We are looking forward to a successful business alliance within the region. This cooperation is a vital step in accomplishing OTMT’s strategy to expand its business into the renewable energy sector. 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.”

For further information please contact:

Agnieszka Schulze
Public Relations Manager, REC
Leopoldstr. 175, 80804 Munich, Germany
Phone +49 89 54 04 67 225  
Email agnieszka.schulze@recgroup.com

About REC:

REC is the largest European brand of solar panels, with more than 15 million high-quality panels produced at the end of 2014. With integrated manufacturing from polysilicon to wafers, cells, panels and turnkey solar solutions, REC strives to help meet the world’s growing energy needs. In partnership with a sales channel of distributors, installers, and EPCs, REC panels are installed globally. Founded in 1996, REC is a Bluestar Elkem company with headquarters in Norway and operational headquarters in Singapore. REC’s 1,800 employees worldwide generated revenues of USD 680 million in 2014.

Find out more about REC at www.recgroup.com