CAIRO - 14 December 2024: Egypt's Ministry of Electricity and Renewable Energy has signed two agreements with Amea Power, a subsidiary of the AlNowais Group, to build a 500 MW wind power plant in the Gulf of Suez.
The project involves an investment of approximately $600 million.
Prime Minister Mostafa Madbouly emphasized that Egypt's energy strategy prioritizes increasing reliance on renewable energy sources to enhance their share in the national electricity mix.
He noted that developing the renewable energy sector is a key focus for Egypt, leveraging its vast natural resources and favorable conditions for renewable energy projects.
Minister of Electricity and Renewable Energy Mahmoud Esmat described the project as part of a larger framework to advance renewable energy initiatives.
He highlighted that the initiative underscores Egypt’s commitment to fostering a supportive investment climate and attracting international companies to its vital sectors, further positioning the country as a regional energy hub.
The agreements represent a significant step toward achieving Egypt’s goal of sourcing 42 percent of its electricity from renewable energy by 2030.
The wind farm will contribute to the production of clean energy, reduce carbon emissions, and generate new employment opportunities, adding significant value to the country’s energy infrastructure.
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