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SFE to launch renewable energy sub-fund

SFE to launch renewable energy sub-fund

ArabFinance: The Sovereign Fund of Egypt (SFE) plans to launch a renewable energy sub-fund in 2022, as part of its plan to support the green transition, Al Borsa News reported.

The Egyptian government is reportedly planning to transfer ownership of the assets of both the New and Renewable Energy Authority (NREA) and the Hydro Power Plant Executive Authority (HPPEA) over to this new sub-fund, which will manage investments in climate-friendly projects.

Accordingly, SFE officials are studying reports from the NREA and the HPPEA on their assets and ongoing projects.

In 2022, the sovereign fund plans on scaling up climate-friendly investments. It is currently backing several high-profile infrastructural projects, including a $2.5 bn plan to develop 17 new desalination plants and Egypt’s first-ever green hydrogen facility.

It is worth noting that the fund is considering its first green bond issuance over the running year.

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04 Oct 2021
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