Egypt to develop 10 GW of renewable energy projects by 2028 under NWFE

CAIRO - 15 December 2024: Egypt has announced an ambitious plan to establish 10 gigawatts of renewable energy capacity by 2028 as part of its National Platform for the NWFE Program. The initiative, unveiled during the inauguration ceremony of the Abydos 1 Solar Power Plant in Aswan, represents a major milestone in the country’s journey toward a sustainable energy future. The program aims to boost renewable energy production, reduce reliance on thermal power plants, and support Egypt’s National Climate Change Strategy 2050.

 

The Abydos 1 Solar Power Plant, with a capacity of 560 megawatts, is a flagship project within this effort. It was inaugurated in the presence of Prime Minister Mostafa Madbouly, Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, Minister of Electricity and Renewable Energy, Mahmoud Esmat, Minister of Petroleum and Mineral Resources, Karim Badr, and Governor of Aswan Major General Ismail Kamal. 

 

The project, executed by AMEA Power, a subsidiary of Al Nowais Group from the UAE, was funded through international partnerships with institutions such as the International Finance Corporation (IFC), the Japan International Cooperation Agency (JICA), and the Dutch Development Bank (FMO).

 

Speaking at the event, Al-Mashat highlighted the energy component of the NWFE Program, which aims to decommission 5 gigawatts of thermal power plants while attracting $10 billion in investments to develop renewable energy projects. These efforts, spanning from 2023 to 2028, align with Egypt’s goal to increase renewable energy’s share in its energy mix to 42% by 2030. 

 

The initiative also supports Egypt’s nationally determined contributions to global climate goals.

Al-Mashat praised the program’s innovative approach to financing, which leverages blended finance mechanisms to attract private sector participation. 

 

Since its launch in 2022, the NWFE Program has mobilized over $4.5 billion in concessional financing, adding 4.7 gigawatts of renewable energy capacity. The program is expected to significantly reduce carbon dioxide emissions by 17 million tons annually and save $1.2 billion in fuel costs each year by replacing thermal power plants with clean energy sources.

 

The Abydos project reflects Egypt’s growing capabilities in renewable energy, supported by structural and legislative reforms implemented since 2014. These efforts have positioned Egypt as a regional hub for renewable energy, enabling it to meet domestic energy needs while advancing cross-border electricity initiatives.

 

The NWFE Program has received international recognition as a model for green investment. During COP29, 12 multilateral development banks issued a joint statement commending the program for its effectiveness in driving climate action and promoting sustainable development. The Abydos solar power plant, alongside other NWFE projects like the Amounet Wind Farm in Ras Ghareb, demonstrates Egypt’s commitment to transitioning to a low-carbon economy while fostering international collaboration.

 

As Egypt continues its renewable energy journey, the NWFE Program’s achievements stand as a testament to the nation’s vision for a sustainable, resilient, and green future. The development of 10 gigawatts of renewable energy by 2028 will not only reduce environmental impact but also drive economic growth and secure Egypt’s position as a leader in the global clean energy transition.