Norwegian Company Invests USD 5 Bn In Egypt
Date
7/6/2023 11:12:09 PM
(MENAFN- Brazil-Arab News Agency (ANBA))
Cairo – The Egyptian government, represented by the New & renewable energy Authority (NREA), affiliated with the Ministry of Electricity and Renewable Energy (MOEE), signed an agreement with Norwegian company Scatec ASA to provide land for a wind Farm project with capacity of 5 gigawatts a year, with an estimated investment of USD 5 billion.
The agreement was signed by Mohammed El Khayat, president of NREA; and Terje Pilskog, CEO of Scatec; in the presence of Mostafa Madbouly, prime minister of Egypt; Mohamed Shaker, minister of Electricity and Renewable Energy, and the ambassador of Norway to Egypt, Hilde Klemetsdal.
Agreement signing ceremony
The wind power plant, to be built in the Sohag province in the country's Southern region, will contribute to reaching Egypt's target for renewable energies to represent 42% of the country's power matrix by 2030.
The Egyptian prime minister said the government is making efforts to increase the share of renewable energy in the country's matrix and maximize its value.
Shaker said this project confirms the potential of Egypt's renewable energy sector to attract foreign direct investment. The country has a competitive edge in the availability of areas to produce substantial power from renewable sources. Another advantage is the country's privileged geographic location, which allows it to export green energy to Europe.
Scatec's CEO said the plant to be built would be one of the largest wind farms in Egypt and Africa and contribute to achieving the Egyptian government's goals. He said the project would create around 8,000 job opportunities during construction and about 300 new permanent jobs. He said the company has already commissioned six solar power plants within the scope of the Benban project, which is Egypt's largest foreign direct investment project in solar energy.
Translated by Georgette Merkhan & Elúsio Brasileiro
©Patrick Pleul/DPA/AFP
Ministry of Electricity and Renewable Energy of Egypt
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