Implementation is imminent for two renewable energy power projects in Egypt. This came to light following an announcement by Al Nowais Investments, through its Chairman Hussain Al Nowais, that it would invest US$ 1bn into the execution of the said projects, whose total capacity is 1000MW.
Al Nowais is a private regional holding company headquartered in Abu Dhabi, United Arab Emirates, that through its subsidiaries, invests in healthcare, information, communication, and technology, contracting, engineering and industry services, building materials, real estate, and hospitality and project development industries.
An overview of the oncoming renewable energy power projects in Egypt
The two renewable energy power projects in Egypt include a 500-MW solar power plant that is planned to be constructed at Kom Ombo in the Aswan governorate, south of the North African country, and a wind power plant of the same capacity in Ras Gharib on the Red Sea coast.
The completion of the construction of the two renewable energy power plants is expected in the next two or three years according to Mr. Al Nowais. The electricity produced by the power plants will be fed into the national grid, and as a result, help reduce electricity imports from the neighboring countries.
The completion of the project will also mark an important step in the country’s energy transition, as it aims to generate 22% of its electricity from renewable sources by next year (2022), 42% 8 years later (by 2030), and 50% by 2035.
Investing In the Green Hydrogen Sector
On the sidelines, Hussain Al Nowais also expressed his company’s interest in investing in the green hydrogen sector in the North African country, saying that Al Nowais Investments is currently arranging a consortium, including German, Japanese and Italian companies, to produce green ammonia that could be used as a clean fuel source for aircraft.