Egypt’s Mashat, ACWA Power Chair discuss renewable energy projects

Egypt’s Minister of Planning, Economic Development and International Cooperation Rania Al Mashat met with Founder and Chairman of ACWA Power Mohammad Abunayyan on the sidelines of the World Economic Forum meetings in Tianjin, China, held from June 24 to 26 under the theme “Entrepreneurship for a New Era.”

The meeting focused on ACWA Power’s renewable energy investments in Egypt, particularly under the energy pillar of the country’s national platform for green projects, known as NWFE programme.

Mashat highlighted the importance of international partnerships and concessional financing in driving both local and foreign private sector investment in renewable energy.

She emphasised the government’s commitment to expanding private sector participation in development, supported by legislative and regulatory reforms, while ensuring sound governance of public investments to promote inclusive and sustainable economic growth.

The Planning Ministry recently published its second progress report on NWFE programme, noting that the energy pillar aims to add 10 gigawatts of renewable energy capacity by 2028, while phasing out 5 gigawatts of fossil fuel-based power. Over the past two and a half years, $4 billion in concessional financing has been mobilised to implement 4.2 gigawatts of renewable energy capacity.

Key private sector partners involved in the programme include ACWA Power, Masdar, Infinity, Norway’s Scatec, UAE-based AMEA Power, Orascom, and Hassan Allam Utilities.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama