Egypt’s Enara eyes big renewable energy investments in African markets

Cairo-based renewables player Enara Group wants to funnel USD 1 bn in renewable energy investments across Egypt and Africa’s markets by 2030, Enara’s founder and CEO Sherif El Gabaly told Al Borsa. Enara and its partners plan to use the funds to develop 2 GW of new and renewable energy production facilities.

What’s the game plan? Investments in medium-sized, decentralized solar power plants will be the company’s focus, which El-Gabaly says are more suitable for boosting renewable energy compared to large central plants. The firm is looking to invest some USD 100 mn in Egypt’s local renewable energy sector through 2027.

Smoothing out supply chain issues: Enara is establishing a silicon factory — a key material in the production of solar panels and semiconductors — in Alamein with an initial investment of USD 130 mn, El Gabaly added. The facility — developed in partnership with Egypt’s Ministry of Petroleum and Mineral Resources Ministry and the Public Business Sector Ministry — aims to produce 40k tons of silicon annually for export to Europe, with operations scheduled to start within 18 months. The company was negotiating with banks and development institutions to finance the project which was estimated to cost USD 150 mn, El Gabaly said back in May.

While expanding in Africa + the Gulf: Enara is also expanding into Africa with ongoing projects in Madagascar and Tanzania, El Gabaly added. The company has signed a contract to supply 200 MW of electricity to the government of Madagascar and is exploring further opportunities in the Gulf region.

REMEMBER- Enara Group plans to dual list on the EGX and a Gulf exchange next year. The company is currently being restructured ahead of the listing and in the process of selecting an investment bank to manage the listing.