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Successful cooperation: joint venture for green energy

A forward-looking project for carbon-free power generation in Egypt has been launched with the newly established joint venture between the German technology company Frenell and its Egyptian partner Solar Energy Solutions (SES). Based on the innovative solar technology of Frenell, the project, which was established in the context of the Partnering in Business with Germany programme, will not only lastingly shape the local energy supply, but also strengthen German-Egyptian economic cooperation.

Zwei Männer stehen vor einem Banner des Programms Partnering in Business with Germany

Martin Selig, CEO of Frenell GmbH, said: “Our concentrating solar power technology is ideal for carbon-free base-load power generation in sunny north African countries. In order to successfully market our technology in these countries, we need to press ahead with the solar project development and the construction permit process together with suitable local partner firms.”

The Frenell-SES joint venture, which is represented by Selig on the German side, has been launched with an investment volume of €170 million. The consortium is currently making efforts to attract further capital for the implementation of the project, while an electricity customer has already been found on the Egyptian side and an agreement on the costs has been concluded. As soon as the entire investment volume is secured – international investors including the European Bank for Reconstruction and Development (EBRD)    and groups of local investors are currently being brought on board – the implementation of the project will begin.

 

Partnering in Business with Germany as door opener

Partnering in Business with Germany has played a key role for the establishment of the joint venture. Ahmed Naguib, Chief Commercial Officer of SES, said: “Partnering in Business with Germany stands for precise matching and true partnership” . He travelled to Germany in the context of the programme in order to search for suitable partners in the field of renewable energy. Martin Selig added: “The programme really helped us to find the matching partner for the joint venture in Egypt and to make us known to the relevant Egyptian state authorities”. The resulting cooperation ultimately led to the establishment of Frenell-SES.

At this year’s German-African Business Forum NRW at the beginning of March, a central platform for new partnerships and investment projects in North Rhine-Westphalia, Martin Selig presented the joint venture during a panel discussion entitled “Raw materials, infrastructure and industry in Africa” as a best practice example of successful German-African business cooperation with Egypt.

Economic prospects and green energy for Egypt

The Egyptian government has set itself ambitious goals for the energy transition: the share of renewables in electricity generation is planned to be increased from currently around 12% to 42% by 2030. The Frenell-SES joint venture makes an important contribution to attaining this goal. The establishment of the joint venture went hand in hand with comprehensive rights to further market green energy in the Egyptian agricultural sector. As many of the components are imported from Germany, the German economy is directly benefitting from the project. Supplies and technologies from Germany account for around 50% of the project volume.

 

Teaserfoto: Martin Selig (left), CEO of Frenell GmbH, at the stand of Partnering in Business with Germany at the 9th German-African Business Forum NRW © GIZ / Adriana Nunes

 

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Successful cooperation: joint venture for green energy

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