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Another 8 GW of wind power incoming: The New and Renewable Energy Authority(NREA) signed two separate land allocation agreements for two wind farms expected to produce a combined 8 GW of energy in West Sohag, a cabinet statement said. The two projects will require a combined USD 9 bn in investments. The government signed MoUs for the two projects back during COP27 in Sharm El Sheikh (here and here).
Who’s behind the developments? The first agreement was signed with Norwegian renewables developer Scatec, which plans to invest USD 5.7 bn into developing a 5 GW wind farm, a second cabinet statement said. The second agreement was signed with local construction giant Orascom Construction on behalf of its consortium with a subsidiary of France’s Engie, Kahrabel, and Japan’s Eurus Energy. The OC-led farm is expected to generate 3 GW of energy when fully operational.
The impact: The wind farms will reduce some 17 mn tons of CO2 emission annually when fully operational and create 18k new direct and indirect jobs.
What’s next? The parties will now undertake site and technical studies for the projects in addition to assessing the environmental impact of building the wind farms, the statement said.
Remember: Egypt is aiming to have renewables make up 42% of its energy mix by 2030,according to a target that was laid out in the government’s updated Nationally Determined Contributions report in 2023.
ALSO IN RENEWABLES NEWS- Egypt to establish a fund to support nature-based projects? The Environment Ministry is currently working with the French Development Agency, European Bank for Reconstruction and Development, and a local unnamed bank to develop a fund to reduce the risks of private sector investments in nature-based solutions, Environment Minister Yasmine Fouad told a visiting EU delegation, according to a statement from the ministry.
More EU-Egypt climate cooperation ahead? The two also discussed working on a joint-policy document on how the private sector could contribute to developing nature-based projects, the statement added.
