{"id":557376,"date":"2021-09-16T04:00:49","date_gmt":"2021-09-16T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/two-renewable-energy-producers-want-to-delay-work-on-their-egypt-projects\/"},"modified":"2021-09-16T04:00:49","modified_gmt":"2021-09-16T04:00:49","slug":"two-renewable-energy-producers-want-to-delay-work-on-their-egypt-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/two-renewable-energy-producers-want-to-delay-work-on-their-egypt-projects\/","title":{"rendered":"Two renewable energy producers want to delay work on their Egypt projects"},"content":{"rendered":"

<\/a> Global inflation is delaying renewable energy projects in Egypt:<\/strong> Two major Middle Eastern energy companies have recently asked to postpone renewable projects under pressure from rising input prices, an official at the New and Renewable Energy Authority (NREA) tells Enterprise. Saudi Arabia\u2019s ACWA Power and the UAE\u2019s Al Nowais have in recent days asked the Electricity Ministry to extend the timelines for implementing their projects, according to the NREA\u2019s Deputy Director Ehab Ismail, who says that rising shipping costs and an increase in the prices of solar cells are putting the companies over budget.<\/p>\n

This follows reports in the local press earlier this week<\/strong> that claimed ACWA is seeking<\/a> to postpone work on its 200 MW Kom Ombo solar plant by nine months and Al Nowais wants to extend fundraising<\/a> for its solar power projects by six months until June 2022. Another source familiar with the matter confirmed to Enterprise yesterday that the company has asked the ministry to delay the project, but denied that it requested nine months and declined to disclose further details. Enterprise was unable to reach a representative from Al Nowais to confirm the claims made by Al Borsa.<\/p>\n

Delay or sell?<\/strong> Al Mal claimed earlier this week that Al Nowais is ready to sell its license<\/a> to operate a solar plant at Benban, writing that 10 companies are in the running to acquire it. Enterprise was unable to verify the claims.<\/p>\n

The projects could be halted until inflationary pressures ease:<\/strong> The two companies said the cost of implementing their projects would go over budget and sought to delay their implementation \u201cuntil prices settle down,\u201d Ismail said. The two companies did not seek to renegotiate the agreed upon price per unit of electricity with the Egyptian government, he added.<\/p>\n

EETC has not yet granted the approvals<\/strong>, and is considering the technical reasons laid out by the companies before issuing a decision, he added.<\/p>\n

ACWA Power has been a player in the Egyptian market for some time now<\/strong>, owning a minority stake in three plants in Benban<\/a>. It also has an upcoming project<\/a> with the Egyptian Electricity Transmission Company to convert a 2.25 GW combined cycle electricity plant in Luxor to run only on renewable sources. The company has also expressed interest<\/a> in Egypt\u2019s potentially very significant investment<\/a> in desalination. Meanwhile, Al Nowais in2019 signed a contract<\/a> to construct a 500 MW solar plant<\/a> in Kom Ombo and a 500 MW wind project<\/a> in Ras Ghareb.<\/p>\n

Egypt has<\/strong>ambitious plans<\/a><\/strong> for the renewable energy sector<\/strong>, with authorities planning to have authorized 2.4 GW worth of renewable energy projects<\/a> that would cost a combined USD 1.5 bn by 2022. Several new projects will also be funded through the USD 750 bngreen bond issuance<\/a>Egypt closed in September 2020, when it became the first country in the region to sell climate-linked debt. The government has set a goal<\/a> of seeing 42% of the country\u2019s electricity generated from renewable sources by 2035.<\/p>\n

\n

Egypt intends to sign a bilateral agreement with Cyprus to export electricity next <\/strong>month<\/strong>, Electricity Minister Mohamed Shaker told Al Borsa<\/a> yesterday. The pact will come ahead of a tripartite agreement to be signed by Egypt, Cyprus and Greece for the USD 4 bn EuroAfrica connector project<\/a>, which Shaker said yesterday could have a transmission capacity of 3 GW. According to the project\u2019s website<\/a>, the link will have an initial capacity of 1 GW.<\/p>\n

The EuroAfrica project has been in the works for a while:<\/strong> Egypt in 2019 signed<\/a> with Greece and Cyprus a cooperation framework agreement for the project, which will link Egypt\u2019s electricity grid with mainland Europe via Cyprus, Crete and Greece. The first leg of the connector linking Egypt with Cyprus is scheduled for completion at the end of next year, while Cyprus will be connected to Crete by the end of 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Global inflation is delaying renewable energy projects in Egypt: Two major Middle Eastern energy companies have recently asked to postpone renewable projects under pressure from rising input prices, an official at the New and Renewable Energy Authority (NREA) tells Enterprise. Saudi Arabia\u2019s ACWA Power and the UAE\u2019s Al Nowais have in recent days asked the […]<\/p>\n","protected":false},"author":1,"featured_media":557377,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[1042,903,2551,93,72,523,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-acwa-power","tag-al-nowais","tag-egyptian-electricity-transmission-company","tag-energy","tag-enterpriseam","tag-pharos-energy","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"1069c986-e578-4b87-ae9f-1c8f80265fd1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/220.jpg","photo_position":"above","related_issue":[557370],"teaser":"","voice_url":""},"yoast_head":"\nTwo renewable energy producers want to delay work on their Egypt projects - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/two-renewable-energy-producers-want-to-delay-work-on-their-egypt-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two renewable energy producers want to delay work on their Egypt projects\" \/>\n<meta property=\"og:description\" content=\"Global inflation is delaying renewable energy projects in Egypt: Two major Middle Eastern energy companies have recently asked to postpone renewable projects under pressure from rising input prices, an official at the New and Renewable Energy Authority (NREA) tells Enterprise. 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According to the sources, the company has requested a license from\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599269,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/chinas-silk-road-fund-buys-into-egypt-renewable-energy-scene-through-acquisition-of-large-acwa-power-stake\/","url_meta":{"origin":557376,"position":4},"title":"China\u2019s Silk Road Fund buys into Egypt renewable energy scene through acquisition of large Acwa Power stake","author":"enterpriseam admin","date":"24 June 2019","format":false,"excerpt":"M&A WATCH- China\u2019s Silk Road Fund buys into Egypt renewable energy scene through acquisition of large Acwa Power stake: China\u2019s state-owned Silk Road Fundhas acquired a 49% stake in Saudi utility developer Acwa Power\u2019s renewable energy unit, Arabian Business reports. No details of the investment have been released. The renewable\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/578.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590362,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/18\/acwa-power-receives-land-in-sohag-for-10-gw-mega-wind-farm\/","url_meta":{"origin":557376,"position":5},"title":"ACWA Power receives land in Sohag for 10-GW mega wind farm","author":"enterpriseam admin","date":"18 July 2023","format":false,"excerpt":"Sohag could be home to 25 GW of wind generation capacity if all three planned wind farms get built; Egypt looks to source 42% of power from renewables by 2030","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557376"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557376\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557377"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557376"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557376"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}