According to the latest report, Egypt is looking for investment partners for a $2.5 billion initiative. This is to build renewable energy by 2025, through desalination plants to handle water scarcity in the country.
According to Egypt Sovereign fund CEO, Ayman Soliman, “Officials plan 17 new plants that would run on solar and other green sources, with each built, owned, and operated by Egypt’s sovereign wealth fund in partnership with a group of local and foreign investors.”
“The 17 plants, which are targeted to produce a combined 2.8 million cubic meters of desalinated water per day, are part of a broader plan to add 6.4 million cubic meters of daily capacity by 2050,” Soliman added.
Egypt has a competitive advantage over others in generating affordable renewable power which will benefit the project and it will also allow accessing to cost reduction and green financing.
Currently, 8.6% of the electricity of the country comes from renewables. The target is to raise this to 20% by 2022 and further double this by 2035.