Firms eye $15bn spend in Egypt’s green energy schemes

More than 100 international companies are ready to invest up to $15 billion in Egypt’s renewable energy sector, but are reluctant to go ahead due to slow government procedures, a report said.

“Companies in the first phase of the feed-in tariff projects have not been announced, even though financial closure was submitted two months ago,” one investor was quoted as saying in the Daily News Egypt report.

The government should support new and renewable energy projects to diversify sources of electricity production through the issuance of the feed-in tariff law or by signing direct contracts that have not been implemented yet, say investors.

The Ministry of Electricity aims to maximise the portion by which renewable sources contribute to electricity grid in Egypt to over 37 per cent by 2035, the report said.

Source: Trade Arabia