Egypt is set to significantly increase its renewable energy production, with nearly 10 gigawatts (GW) expected to be added to the country's grid following the completion of upcoming projects.
Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, announced that the private sector will contribute nearly 4.7 GW toward this goal, which will account for almost half of the country's renewable energy target by 2030.
In a recent meeting with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), Al-Mashat highlighted that the Ministry has successfully secured loans worth approximately $2.5 billion from EBRD and other financial institutions to support these private sector-led renewable energy projects.
“These projects will generate 4.5 GW of electricity… they will support our programme to produce 10GW to achieve the targeted renewable energy share of 42 percent by 2030,” Al-Mashat stated.
The initiative is part of Egypt's broader energy strategy, which includes phasing out 12 conventional power plants with a combined capacity of 5 GW to make room for the growing renewable energy sector.
