Prime Minister of Egypt, Moustafa Madbouli recently inked two land hand-over minutes to implement two projects. These deals were undertaken to establish stations for generating electricity from wind energy in the west of Sohag, Upper Egypt. This deal was signed in the presence of Electricity Minister Mohamed Shaker and Norwegian Ambassador to Egypt Hilde Klemetsdal.
Madbouli asserted that the government seeks to increase the use of new and renewable energy resources. These projects are undertaken to encourage investments in this promising field to contribute to reducing the use of fossil fuel and carbon emissions and achieving sustainable development goals.
Both projects have a production capacity of 8 gigawatts of wind energy in the west of Sohag, Shaker said. The foreign investments of both projects reached 9 billion dollars, Shaker said. The two projects come within the framework of the strategy of the Egyptian energy sector which targets increasing the participation of renewable energy sources to 42% by 2030, he said, adding that they will contribute to cutting 17 million tons of carbon emissions annually, providing 18 job opportunities and decreasing the use of traditional energy sources.
Additionally, Globeleq’s acquired a substantial stake in the 25-MWp solar plant within Egypt‘s Benban Solar Park complex is a significant development in the realm of renewable energy investment in Africa. This move underscores Globeleq’s dedication to expanding its footprint in the region and contributing to the advancement of clean energy infrastructure. The Benban Solar Park complex, situated near the city of Aswan, serves as a focal point for solar energy production in Egypt, making it an ideal location for Globeleq’s investment.
The acquisition involved the purchase of a 48.3% stake from Enerray, Enerray Global Solar Opportunities, and Desert Technologies, with local electrical engineering firm GILA Altawakol Electric (Altawakol) retaining a co-shareholder position and serving as the operations and maintenance contractor. This collaborative effort among multiple stakeholders demonstrates a shared commitment to driving sustainable energy solutions forward in Egypt.
