Egypt Sets Sights On Renewables With $5bn Wind Farm Deal With Scatec

Egypt’s Ministry of Electricity and Renewable Energy has just signed a whopping $5 billion deal with Norwegian utility Scatec to develop a five-gigawatt wind farm in the country’s south. The project will be located in Sohag province and is expected to create 8,000 jobs for local residents, many of whom are among the country’s poorest. The deal was signed at a ceremony attended by Egypt’s Prime Minister Mostafa Madbouly, Electricity Minister Mohamed Shaker, and Norway’s ambassador in Cairo Hilde Klemetsdal.

This latest wind farm project is just one of many renewable energy initiatives that Egypt has launched over the past decade, as the country aims to generate 42% of its energy needs through renewables by 2030. Scatec, which has been operating in Egypt since 2017, will bring its expertise to this exciting new venture. The company has also signed agreements to build a green methanol production plant in the Nile Delta province of Damietta and to produce green hydrogen at a plant in the Red Sea city of Ain Sokhna.

Via Reuters

The Egyptian government is committed to attracting foreign investment in the electricity sector, and this partnership with Scatec is a prime example of that. In fact, Egypt is also working on an undersea cable that will connect the country to Greece and allow for the export of 3,000 megawatts of electricity to Europe annually. With projects like these, Egypt is positioning itself as a leader in the renewable energy Space.

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