Egypt seals financial closure agreements for 4 renewable energy projects by 2030
Updated 7/4/2023 10:29:00 AM
Arab Finance: Egypt has signed financial closure agreements for four projects with capacities of 3,700 megawatts (MW) out of the 10,000-MW target by 2030 under the Nexus of Water, Food, and Energy (NWFE) program, Ministry of International Cooperation stated on June 27th.
The country has updated its Nationally Determined Contribution (NDC) to accelerate its transition toward a low-carbon development pathway and achieve its target of generating 42% of its energy via renewable sources by 2030, instead of 2035.
Since the climate summit COP27, several renewable energy project agreements with a capacity of 3,700 MW have been signed between Egypt's Ministry of Electricity and the private sector within the energy pillar of the NWFE program.
The projects include establishing a new wind farm in the Gulf of Suez with a capacity of 500 MWs between the Red Sea Wind Energy Alliance, the Japan Bank for International Cooperation (JBIC), and the European Bank for Reconstruction and Development (EBRD).
This is in addition to setting up the Abydos Solar Project to generate power from solar energy with a capacity of 500 MWs in Kom Ombo city in Aswan, in cooperation with the International Finance Corporation (IFC), the Dutch Bank for Development, and the Japan International Cooperation Agency (JICA).
Also, the agreements cover the Amunet project in Ras Ghareb to generate electricity from wind energy, with a capacity of 500 MWs, funded by the IFC, JBIC, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), Sumitomo Mitsui Trust Bank.
In addition, the projects include launching a station of 1,100 MWs to generate power from wind energy as well as another 200-MW project to generate power from solar energy at the Kom Ombo plant as per the deals signed with ACWA Power.
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