News

With New Power Plants, Egypt’s Solar Investments Surge in 2017

With New Power Plants, Egypt’s Solar Investments Surge in 2017

Photo Credit: Reuters

With the approval of three new solar power plants under a $US 500 million financing package by the European Bank for Reconstruction and Development (EBRD), investments in Egypt’s solar energy sector hit record levels in 2017.

In a press statement on Wednesday, EBRD said it is providing $US 73 million for the construction and operation of three solar photovoltaic power plants in Egypt’s southern province of Aswan with a total capacity of 120 megawatts.

According to the bank, these plants “will contribute to a reduction of approximately 150,000 tonnes of CO2 emissions yearly and will help the economic development of the Aswan province.”

The new plants, set to become the largest solar site in Africa, is part of a financing framework worth $US 500 million for renewable energy in Egypt. The framework includes 16 new solar power plants, making the EBRD the “single largest investor in renewable energy in the country.”

 

Egyptian renewable energy sector attracted record investments in 2017.

 

Harry Boyd-Carpenter, head of EBRD’s power and energy utilities told Bloomberg that “because it’s got the right regulatory framework in place, Egypt has been able to attract all of these different investors and should comfortably get more than a gigawatt of capacity financed this year.”

While Egypt’s energy sector is heavily dominated by oil and gas, the new plants will be “the first private utility-scale renewable-energy projects in [the] country”.

Egyptian Prime Minister Sherif Ismail signed on Tuesday the final agreement to establish the three new plants in the Benban area of Aswan.

The minister stressed during a press conference after the signing ceremony that the government is increasingly focusing on developing the country’s renewable energy sources.

“We aim to reach 37 percent” of total energy output, he said.

The construction of the solar plants will be completed by the end of next year.

Greek Pianist Plays Cavafy Poems as Part of the 2017 Cavafia in Egypt
Egypt Approves First Major Draft Traffic Law in 40 Years

Subscribe to our newsletter


News

More in News

Mohamed Salah Hailed as ‘Sensational’ as Liverpool Defeats Roma 5-2

Egyptian StreetsApril 25, 2018

People Who ‘Harass’ Tourists in Egypt to Be Fined Up to EGP 10,000

Egyptian StreetsApril 25, 2018

Mohamed Salah Crowned the PFA Player of the Year Award

Egyptian StreetsApril 22, 2018

Detained Journalist Shawkan Wins UNESCO’s Press Freedom Prize Despite FM Criticism

Egyptian StreetsApril 22, 2018

World Bank, Egypt Sign $US 500 Million Agreement to Reform Egypt’s Public Schools

Egyptian StreetsApril 22, 2018

Egyptian Teenager Kills Mother and Brother to Complete ‘Blue Whale’ Suicide Game Task

Egyptian StreetsApril 22, 2018

Mariam Moustafa’s Lawyer Receives Death Threat, Pressured to Drop the Case

Egyptian StreetsApril 22, 2018

Luxor’s Karnak Temple to be More Accessible for Special Needs Visitors

Egyptian StreetsApril 21, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.