Egypt signed a financial closure deal with Norwegian renewable energy developer Scatec (SCATC.OL) today for the construction of a 1-gigawatt solar power plant, marking a major step toward Egypt’s infrastructure and renewable energy ambitions, the Egyptian cabinet said. The agreement, which is worth $600 million, officially puts the project into the building phase.
Simultaneously, the Egyptian government completed a power purchase agreement for a Scatec-developed 900 megawatt wind power plant in the Gulf of Suez. An additional $1 billion has been invested in Egypt’s expanding renewable energy sector through the wind project.
Egypt’s national goal of producing 42% of its electricity from renewable sources by 2030 is in line with these developments. At the moment, natural gas continues to be the primary source of electricity, with solar, wind, and hydropower together accounting for just 11.5%.
Egypt is advancing smart aviation in addition to electricity. George Fenergi claims that in order to improve passenger experience and promote tourism and economic growth, the nation intends to update 11 major airports and incorporate intelligent baggage handling systems. In order to establish Egypt as a regional leader in smart aviation, these improvements are regarded as a crucial first step.
The World Bank Group member International Finance Corporation (IFC) is working with the Egyptian government to implement public-private partnerships (PPPs) at these airports. It is anticipated that the effort will greatly enhance passenger services, connectivity, and infrastructure.
Egypt is further solidifying its position as a forward-thinking center for sustainable development and technical innovation in Africa and the Middle East with more than $1.6 billion in new renewable energy projects and a national drive toward smart airport upgrading.
