Egypt starts talks to sell surplus electricity to Europe and Africa

Egypt started talks to sell electricity to Europe and Africa, pressing its advantage as a producer of cheap renewable energy in a bid to become a regional export hub, the head of its sovereign wealth fund said.

The nation, which has a surplus of electricity, sees unspecified “power-hungry” countries to the north as possible customers, according to Chief Executive Officer Ayman Soliman.

Egypt could supply Europe via a planned sub-sea cable to Cyprus and Greece, he told Bloomberg

Electricity exports could be a lucrative earner for Egypt, which is already becoming a natural-gas hub after offshore discoveries.

The North African nation, which has capacity of about 50 gigawatts — a fifth of that excess — has long-used gas-fired plants and hydropower and is boosting use of other sources. Around 8.6% of the country’s power comes from renewables, and it’s targeting 20% by 2022 and more than doubling that by 2035.