Hossam Heiba, head of the General Authority for Investment in Egypt, said the country has received numerous requests from Gulf and international investors for new licenses to invest in renewable energy projects, exceeding a value of $6 billion.
According to the Ministry of Electricity and Renewable Energy, the current private sector investment in renewable energy projects in Egypt stands at $4.4 billion. These projects are expected to boost the total installed renewable energy capacity in the country to 10,000 megawatts by the end of 2025.
Heiba further stated that the alliances vying for these new renewable energy licenses include a European-Gulf coalition, a Chinese consortium, and an Indian alliance, with each project valued at approximately $2 billion. These investments aim to target the domestic market and to export green energy.
In a move to accelerate growth, the Arab Republic plans to double its issuance of ‘golden licenses’, from 25 in 2023 to over 50 this year.
These licenses, which Heiba notes are currently issued at a rate of 3 to 5 per month, are part of Egypt’s strategy to encourage investment in various sectors, including tourism and environmental projects that benefit from green energy incentives.
Heiba also mentioned that the Authority is working on introducing new licenses specifically tailored for entrepreneurs and is offering more incentives to investors in the tourism and environmental sectors.
Additionally, he revealed that a community dialogue is underway to review the provisions of the new Companies Law, which hasn’t been updated since 2004, to align it with the current investment amendments.
