To lower greenhouse gas emissions, improve air quality, and provide chances for a gradual shift toward reliance on sustainable energy, Egypt has vigorously advocated for increasing the generation of renewable energy.
The construction of several projects to generate electricity from wind and solar power, with the goal of supplying green hydrogen manufacturing projects and saltwater desalination projects, resulted in a considerable expansion of the energy sector. On the fringes of the United Nations Conference of the Parties (COP27) in Sharm El-Sheikh in November, nine agreements were made between Egypt and significant coalitions of worldwide energy firms to begin new projects in the field of renewable energy with investments surpassing $83 billion.
Vice Chairperson and CEO of ACWA Power Paddy Padmanathan predicts that by 2026, the company will invest up to $10 billion in Egypt.
He also said that the business will invest $1 billion in 2023, followed by $3 billion in investments each year from 2024 to 2026.
He emphasized that these investments do not include the targeted green hydrogen projects and that if ACWA Power were to enter this market, these investments would grow significantly.
He stated that the Kom Ombo plant project, which has a 200-megawatt wind energy production capacity, is one of the company’s most notable projects in Egypt in 2022. He added that we are currently working to close some financial matters related to the project with investments totaling about $300m and that the project will go into effect before the end of the year.