REC and O Capital Join to Sell Solar in MENA

Two companies have signed a deal to sell solar panels and other related services in the Middle East and Africa.

O Capital and REC Solar Holdings are embarking on this partnership with the intention of taking advantage of what they see will be major growth in the renewable energy sector.

“Beginning in 2017, we are expecting 10 gigawatts to be installed every year in the Middle East and Africa, which would make the region second in the world for new solar capacity after China,” said Luc Graré, regional senior vice president for REC.

REC will be responsible for the manufacture and engineering side of the deal, while Egyptian-based O Capital, the renewable energy arm of Orascom Telecom Media and Technology Holding SAE will manage tenders and turnkey installations.