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Egypt Offers Renewables Projects Worth $6b
Energy

Egypt Offers Renewables Projects Worth $6b

Egypt is offering an investment opportunity of at least $6 billion to 2018 in the renewable energy sector, including wind and solar, under the feed-in-tariff scheme, said a major investment bank ahead of the World Future Energy Summit to be held from January 18 to 21 at Abu Dhabi National Exhibition Center. Egypt will need to add about 8 gigawatts, foreseen to be split between 5.5 GW of wind power and 2.5 GW of solar power, added EFG Hermes, adding that the country’s New and Renewable Energy Authority aims to generate 20% of its power from renewables by 2020, Trade Arabia reported. Renewable energy’s low cost of production makes renewables the best power source for Egypt’s future.  "Whether developed by governments, the private sector, or NGOs, renewable energy can transform the key development pillars of power, health, infrastructure, education and people," said Bakr Abdel-Wahab, managing director of Infrastructure Private Equity at EFG Hermes. EFG Hermes is presently considering establishing a $200 million renewable energy fund to spur wind and solar projects in Egypt and the wider region.

 

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