The Egyptian government has opened the door for investors to engage in five renewable energy projects, offering millions of acres to local and foreign investors for renewable energy ventures.
This announcement was made in a report submitted by Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker to Prime Minister Mostafa Madbouly.
The report outlined the ministry’s efforts to support and enhance private sector participation in renewable energy production.
Shaker explained that the announcement, issued by the Egyptian Electric Utility and Consumer Protection Regulatory Agency (EgyptERA), invites investors to register for the first phase of five renewable energy projects.
These projects include both solar and wind energy, with a total capacity of 500 megawatts, and involve selling the produced energy to new consumers.
He noted that the agency’s board recently approved the regulatory framework for bilateral agreements between private sector producers and consumers, as well as all necessary contracts related to these projects.
In a significant boost to Egypt’s energy sector, the American-based IPR Energy Group is looking to invest $250 million in the country within the current and upcoming years.
Mahmoud Debous, the founder and president of the group, disclosed this ambitious plan in an interview with Al Sharq during the sidelines of the “Seventh Egypt International Energy Conference and Exhibition (EGYPS 2024)”.
Debous elaborated that his company predominantly self-finances its projects, with 60% of funding coming from internal sources, while the remaining 40% is secured through bank financing.
