Investments in Egypt's renewable energy approach $3.5 bln to produce 3570 megawatts

CAIRO - 24 September 2022: Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, affirmed that Egypt seeks to be a corridor for the transit of clean energy that the African continent enjoys. 

 

"Egypt is keen to support the efforts of African countries to access clean energy from renewable sources," he stated, explaining that there is a plan to localize the local industry related to the tasks of renewable energy plants, whether Solar or wind, in order to reduce costs and encourage investors to expand their investments in Egypt, while providing them with all facilities.

 

Shaker further said that investments in the renewable energy sector in Egypt are growing rapidly, as the capacities of the projects under development have witnessed a remarkable increase, reaching 3,570 megawatts, with foreign direct investment of nearly $3.5 billion, double its counterpart in 2020. 

 

He added that 78% of the previous figure are for wind energy projects in the Gulf of Suez region on the Red Sea coast with high wind speeds, and 22% for solar energy.

 

The minister stressed that the past period witnessed the import of many renewable energy tasks, especially the requirements of the wind power station in the Gulf of Suez and solar cells, where 9,246 batteries and 5,843 current changers were imported, which indicates the growing role of these projects in meeting part of the demand for electricity.