Egypt’s power sector investments hit EGP 5 trln since 2014 – minister

Egypt’s investments in the electricity and renewable energy sector have reached about 5 trillion Egyptian pounds ($99.5 billion) since 2014, Electricity and Renewable Energy Minister Mahmoud Esmat said on Wednesday.

Esmat gave the figure during a meeting with President Abdel Fattah El-Sisi, Prime Minister Moustafa Madbouly, and Ahmed Elabd, chairman of Concord Engineering and Contracting, in New Alamein, according to a statement from the presidency.

The meeting reviewed progress on Egypt’s strategy to expand renewable energy projects and increase the use of battery storage to support the national electricity grid.

Egypt aims to raise the share of renewable energy in its electricity mix to 45 per cent by 2028, a target announced as part of its energy strategy.

The meeting also discussed the role of international partners in providing technical assistance and financing for renewable energy projects, as well as efforts to expand domestic manufacturing of electrical equipment.

Sisi called for greater support for partnerships involving locally manufactured equipment, particularly energy-storage batteries, and stressed the importance of developing domestic industries linked to renewable energy, the presidency said.

The government has identified local manufacturing as a way to strengthen energy security and support the transition towards a lower-carbon economy.

The president also directed the government to develop domestic manufacturing in black sand processing and related value-added industries, fertilisers, and rare earth elements, according to the statement.