Renewables Now, a Bulgaria-based website concerned with energy news, said that Egypt is working to mobilize financing to pay, finance and support renewable energy and green energy projects.
Renewable energy projects
A report by the website explained that Egypt seeks to mobilize innovative financing tools to support renewable energy projects with an investment volume of up to $10 billion (9.4 billion euros) over the next five years as part of the “Novi” NWFE program.
Financing instruments include grants, debt swaps, technical assistance, project rehabilitation, credit guarantees, private sector investments, and concessional financing.
Its purpose is to support the deployment of 10 GW of renewable energy sources that will replace 5 GW of thermal power plants and help Egypt reach a 42% share of renewable energy sources in the energy mix by 2030.
The website quoted the Ministry of International Cooperation as saying that Egypt has so far begun implementing renewable energy projects with a combined capacity of 3.7 gigawatts as part of the program.
This announcement came during a meeting chaired by Minister Rania Al-Mashat and in the presence of Minister of Electricity Mohamed Shaker and representatives of the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the German Development Bank KfW, the German Development Bank (KfW), the European Investment Bank (EIB), and other institutions.
The aim of the meeting was to review progress made in moving from commitments made during the COP27 summit in Sharm El Sheikh last year to their implementation.
Heike Harmgart, Director General of the European Bank for Reconstruction and Development for the Southern and Eastern Mediterranean, said that the EBRD has so far mobilized $2 billion in financing from the private sector for projects in non-Western countries, in addition to grants and concessional financing.
These investments include wind and solar energy projects in the Gulf of Suez, in addition to projects that support the modernization of the transmission and distribution network.
Al-Mashat indicated that Germany has already signed a payment of 54 million euros out of a total of 104 million euros pledged to develop projects, and this will support connection to the grid for two wind farm projects with a capacity of 500 megawatts.
