Egypt eyes renewable energy investments worth $493 million in 2016

Egypt’s state-run New and Renewable Energy Authority (NREA) aims to attract investments worth €450 million (US$493 million) in renewable energy sector during 2016, general manager of planning Mohammed El-Khayat said Wednesday.

In a keynote speech at MEED Egypt Mega Projects Conference held Tuesday in Cairo, El-Khayat said that a wind power plant of 400 megawatt is among those anticipated projects. In addition, numbers of international financial institutions such as the French Development Agency (AFD) are likely to take part in these new and renewable energy projects.

NREA has signed investments worth US$500 million during 2015, El-Khayat said, stressing that Egypt has got promising opportunities in the new and renewable energy sector.

The Authority has finished 60-65 percent of new and renewable project in Sinai, scheduled for completion in 2016, he added.