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The Egyptian Ministry of Electricity and Renewable Energy has signed two agreements with the AlNowais Group, to implement a 500 MW wind farm in the Gulf of Suez with an estimated investment of USD 600 million.
Prime Minister Mostafa Madbouly stated in a press release that Egypt’s national energy strategy focuses on increasing reliance on renewable energy sources and enhancing their contribution to the electricity mix. He emphasized that the development of the renewable energy sector is a top priority for Egypt, given its abundant natural resources and promising potential in this field.
Minister of Electricity and Renewable Energy, Mahmoud Esmat, highlighted that the project is part of a broader plan to support renewable energy initiatives. He added that it reflects the Egyptian government’s commitment to creating an encouraging investment environment and attracting global companies to invest in key sectors, solidifying Egypt’s position as a regional energy hub. The signing of these agreements comes as part of ongoing efforts to strengthen Egypt’s renewable energy capabilities.
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The project aligns with Egypt’s National Renewable Energy Strategy, which aims to generate 42% of its energy mix from renewable sources by 2030. It is expected to make a significant contribution to Egypt’s energy sector by boosting clean electricity production, reducing carbon emissions, and creating new job opportunities.
