FINANCIAL NEWS

Egypt to invest USD 6bn in renewable energy sector

13 Jan 2016

(MENAFN) According to a report which stated that with the recent feed-in tariff scheme there is a chance for investment in the renewable energy sector in Egypt of USD 6bn over 2018.

Additionally, Egypt is concentrating on adding renewable energy to its gas-dominated energy mix, while the New and Renewable Energy Authority (NREA) aims to produce 20 pct of its power.

The country will add around 8GW to meet the NREA’s conditions, while the extra energy is predicted to be divided between 5.5GW of wind power and 2.5GW of solar power.

“We are bullish in the short- to medium-term on Egypt’s renewable energy projects but it is a matter of properly executing the first feed-in-tariff wave,” said Managing Director.

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