Egypt has given the green light to a proposal from AMEA Power, a renewable energy company based in the United Arab Emirates, to construct 1,500 megawatts (MW) of solar and wind power plants in the country. The Egyptian Cabinet announced the approval on Wednesday, paving the way for the signing of a power purchase agreement between AMEA Power and the Egyptian Electricity Transmission Company.
According to the proposal, AMEA Power will build two solar power plants with a total capacity of 500 MW and two wind power plants with a total capacity of 1,000 MW in the Red Sea and Aswan governorates. The projects are expected to cost around $1.6 billion and create more than 8,000 jobs during the construction and operation phases. The projects will also help Egypt achieve its target of generating 42% of its electricity from renewable sources by 2035.
AMEA Power is a subsidiary of Al Nowais Investments, a diversified conglomerate with interests in energy, infrastructure, hospitality, and healthcare. The company has a portfolio of renewable energy projects in Africa, Asia, and the Middle East, with a total capacity of 2,500 MW. The company’s chairman, Hussain Al Nowais, said that the approval of the proposal was a testament to the strong bilateral relations between Egypt and the UAE, and expressed his confidence in the success of the projects.
Egypt is one of the leading countries in the region in terms of renewable energy development, with a total installed capacity of 6,000 MW, including 1,800 MW of solar and 1,375 MW of wind. The country has also attracted significant investments from international financial institutions, such as the International Finance Corporation (IFC), which recently announced a $710 million financing package for the construction of 500 MW of solar power plants in the West of Nile area.
The renewable energy projects in Egypt are expected to contribute to the country’s economic growth, social development, and environmental sustainability, as well as to enhance its energy security and diversify its energy mix. The projects are also in line with the country’s Vision 2030, which aims to transform Egypt into a modern, competitive, and inclusive society.
Source: Energy News Africa
