Al Nowais Invests $1 Billion for Solar and Wind Projects in Egypt
Al Nowais will provide funds for constructing wind and solar plants in Egypt.
The plants will have a cumulative capacity of 500MWp each.
UAE-based Al Nowais Investments is set to provide $1 billion to develop two renewable energy plants in Egypt via its energy company AMEA Power. The plants will be ready for launch in about three years, Chairman Hussain Al Nowais noted.
The initial project consists of a solar plant in Southern Egypt, and the second consists of a wind farm on the Red Sea. Both projects will have a capacity of 500MWp each. Al Nowais reported on the sidelines of an Economic Forum held in Cairo. “The company is currently in primary discussions with the Egyptian government regarding investments to establish desalination plants in the country”, Al Nowais added.
Egypt plans to increase its renewable energy to 10,000 in the second half of 2023, Minister of Electricity Mohamed Shaker said at the forum. “The country can produce 90 GW of electricity from wind and solar currently”. He added that over 7,600 unused square kilometres had been allocated to renewable energy.