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Egypt’s Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, said that his country is the gateway for the transit of clean energy for the African continent.
Egypt’s Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, said that his country is the gateway for the transit of clean energy for the African continent.
He said that Egypt was keen to support the efforts of African countries to access clean energy from renewable sources. Explaining Egypt’s plan to localize the industry related to the tasks of renewable energy plants like solar or wind, the minister said that in order to reduce costs and encourage investors to expand their investments, Egypt would provide incentives and added facilities.
Investments in the renewable energy sector in Egypt are growing rapidly. The capacities of the projects under development have witnessed a remarkable increase, reaching 3,570 megawatts. Foreign direct investment (FDI) of nearly US$3.5 billion has already come to the country, which is almost double what the country had received in 2020.
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Of the total FDI into clean energy, 78% went into wind energy projects in the Gulf of Suez region on the Red Sea coast, and the remaining 22% to solar energy, the minister said, adding that Egypt imported technology and devices for trapping wind energy, such as wind power station in the Gulf of Suez and solar cells, including import of 9,246 batteries and 5,843 current changers.
