Egypt to Receive $800m Investment in Renewable Energy

French company Voltalia is planning to invest a whopping $800m in Egypt’s new and renewable energy sector in Egypt in five years, according to Zawya.

The company’s plan is to build solar power plants in Egypt with capacities up to 300MW, as well as wind farms with a total capacity of 500MW with investments of $700-800m, according to Emad Ghaly, the company’s regional director.

The news comes as the latest development in Egypt moving more and more towards renewable energy. In 2014, amidst power shortages across the country, the Egyptian Ministry of Electricity and Energy announced feed-in tariffs for electricity generated by solar and wind sources,  which encouraged private investment in renewable energy; just last month, companies from the UAE announced a plan to build $200 million factories for renewable energy in 6 october by 2020.

In addition, the Ministry of Electricity and Renewable Energy last month announced plans to build one of the world’s largest assemblies of wind turbines in Gabal-El-Zeit - a project worth an estimated EGP 12 billion.

Main image from Solar Forum Egypt