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AlNowais Investments to invest $1 billion in two renewable energy projects of 500 MW capacity in Egypt. The plant will be completed in the span of 2 to 3 years.
The first project will be a solar plant located in Southern Egypt whereas the second plant would be a wind farm located on the Red Sea.
Chairman of the company, Hussain Al-Nowais said that the company is currently in talks with the government of the country to set up desalination plants in Egypt.
The company also plans to invest in a green hydrogen project in Africa. AlNowais Investments is arranging a consortium with Japanese, German, and Italian companies to generate green ammonia as a fuel for aircraft.
Egypt has targets to have 10,000 MWs of renewable energy by the second half of 2023. As of now, the country can generate only 90 MW of wind and solar energy.