Egypt received $3.5B in FDIs towards renewable energy sector

Egypt has received $3.5 billion worth of foreign direct investments towards its renewable energy sector, double the amount received in 2020, revealed Minister of Electricity and Renewable Energy, Mohamed Shaker.

The minister also highlighted that Egypt is eager to support African countries in their efforts to access clean energy from renewable sources.

During a roundtable on Progress Shaping an Africa-Led Just Energy Transition last week, Minister of International Cooperation, Rania Al Mashat, said Egypt expects to expand renewable energy by 42% in 2035.

According to Shaker, Egypt has a plan in place to localize local industry related to the tasks of renewable energy plants to reduce costs, as well as encourage investors to inject more investments into the country.

The electricity minister added that investments in the renewable energy sector in Egypt are growing rapidly, boosting the capabilities of Egyptian projects under development which have reached 3,570 megawatts.

He also added that 78% of the previous figure are for wind energy projects in the Gulf of Suez region on the Red Sea coast with high wind speeds, and 22% for solar energy.