Egypt wooing six Saudi companies to invest in renewable energy

Egyptian Ministry of Electricity is in talks with six Saudi companies to implement renewable energy and green hydrogen generation projects.

Egyptian Minister of Electricity Mohamed shaker is currently in Saudi Arabia for talks with six Saudi firms including ACWA Power, Alfanar, and Fas Holding.

The official will be also meeting with Saudi financing entities to provide funding for the agreed-upon projects.

Four unnamed sources at Egyptian Electricity Transmission Co (EETC) told Asharq Business first phases will see initial investments of over $3 billion.

The ongoing negotiations are taking place following the signing of a memorandum of understanding (MoU) between Saudi ACWA Power and EETC to build a 10-giggawatt wind farm in Egypt.

One source told Asharq Business that the first phase of the project conducted by ACWA Power will be set up with a capacity of 1.1 gigawatts, adding that the construction of the project will commence early 2023.

The first phase in establishing the wind farm will take 24 months at a cost ranging between $1 billion and $1.1 billion.