Egypt, the North African country is consolidating arrangements aimed at developing power projects that will deliver a combined 30 gigawatts of power through development finance institutions, and a private sector investment in generation, transmission and distribution projects.
A local magazine was reported as saying that the country’s Minister, Electricity and Renewable Energy, Mohamed Shaker El Markabi has vowed to strengthen power generation in order to key into the 21st century economic growth.
European Bank for Reconstruction and Development (EBRD), Country Director for Egypt, Philip ter Woort, was reported to have said that for Egypt’s reliance on hydrocarbon imports, government’s target of 20% of electricity through renewable sources in less than five years was commendable.
“Egypt is well placed to do so as it has world-class solar resources and in some places, especially in the Gulf of Suez, great potential for wind power,” ter Woort said.
Hatem Waheed, Egyptian Electricity Utility and Consumer Protection Regulatory Agency managing director was also quoted as saying that Egypt would create a highly competitive and proper environment for new investment in conventional and renewable energy and energy efficiency.
Last December, the country was said to have received $500 million from EBRD aimed at helping fast-track its new solar power initiative, with a total of 2,000MW expected to be distributed over 40 utility-scale projects.