{"id":619468,"date":"2024-05-02T00:00:00","date_gmt":"2024-05-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/scatec-and-orascom-construction-led-consortium-allocated-land-for-two-wind-farms-that-will-generate-8-gw-of-energy\/"},"modified":"2024-05-02T00:00:00","modified_gmt":"2024-05-02T00:00:00","slug":"scatec-and-orascom-construction-led-consortium-allocated-land-for-two-wind-farms-that-will-generate-8-gw-of-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/scatec-and-orascom-construction-led-consortium-allocated-land-for-two-wind-farms-that-will-generate-8-gw-of-energy\/","title":{"rendered":"Scatec and Orascom Construction-led consortium allocated land for two wind farms that will generate 8 GW of energy"},"content":{"rendered":"

Another 8 GW of wind power incoming: <\/strong>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<\/a> 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<\/a> and here<\/a>).<\/p>\n

Who\u2019s behind the developments? <\/strong>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<\/a> said. The second agreement was signed with local construction giant Orascom Construction on behalf of its consortium with a subsidiary of France\u2019s Engie, Kahrabel<\/a>, and Japan\u2019s Eurus Energy<\/a>. The OC-led farm is expected to generate 3 GW of energy when fully operational.<\/p>\n

The impact: <\/strong>The wind farms will reduce some 17 mn tons of CO2 emission annually when fully operational and create 18k new direct and indirect jobs.<\/p>\n

What\u2019s next? <\/strong>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.<\/p>\n

Remember: <\/strong>Egypt is aiming to have renewables make up 42% of its energy mix by 2030<\/a>,according to a target that was laid out in the government\u2019s updated Nationally Determined Contributions report in 2023.<\/p>\n

ALSO IN RENEWABLES NEWS- Egypt to establish a fund to support nature-based<\/strong> projects? <\/strong>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<\/a>, Environment Minister Yasmine Fouad told a visiting EU delegation, according to a statement<\/a> from the ministry.<\/p>\n

More EU-Egypt climate cooperation ahead? <\/strong>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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The two wind farm projects will bring in some USD 9 bn in FDI<\/p>\n","protected":false},"author":1,"featured_media":619469,"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":[93,6330,72,367,363,151,573],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-engie","tag-enterpriseam","tag-new-and-renewable-energy-authority","tag-orascom-construction","tag-renewables","tag-scatec","wpautop","entry"],"acf":{"mongo_id":"330f3ee3-a9fd-4790-be46-17bfdce8bd4d","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/88.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Scatec and Orascom Construction-led consortium allocated land for two wind farms in Egypt that will generate 8 GW of energy","related_issue":[619456],"teaser":"The two wind farm projects will bring in some USD 9 bn in FDI","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.71f4d58c-d438-41a2-a7e4-593689b0d07c.mp3"},"yoast_head":"\nScatec and Orascom Construction-led consortium allocated land for two wind farms that will generate 8 GW of energy - 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