Egypt is aiming to attract 100 billion Egyptian pounds (approximately $2 billion) in private sector investments for new renewable energy projects over the next two years, according to a recent report. These investments, anticipated from both local and international investors, will be structured under the build-operate-own (BOO) model, as noted by Ashraq Business, an Arabic financial portal, citing an unnamed government official.
The Ministry of Electricity and Energy plans to add 3 gigawatts (GW) of solar and wind power capacity by summer 2025 to avoid a recurrence of last summer’s power outages. The government is committed to buying the entire energy output from these projects through long-term power purchase agreements (PPAs), as stated by the official.
Major players in the renewable sector include ACWA Power, listed in Saudi Arabia, Masdar from the UAE, and Hassan Allam Utilities based in Egypt. Additionally, Infinity Power, a joint venture between the Netherlands-based Infinity Group and Masdar, is also involved in these developments.
This initiative reflects Egypt’s commitment to expanding its renewable energy capabilities and securing sustainable energy sources for the future.
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