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Egypt doubles foreign investments in renewable energy

Egypt doubles foreign investments in renewable energy

Cairo, Mar 22 (Prensa Latina) Egypt's Foreign Direct Investments in renewable energy rose to 3.5 billion dollars during 2021, which is double the registered figure in 2020, an official source reported on Tuesday.

The Ministry of Electricity stated in a communique that wind energy projects in the Gulf of Suez region accounted for 78 percent of those investments and 22 percent for solar energy projects.

The Ministry highlighted that those projects produced a total of 3,570 megawatts.

According to official figures, in 2021, the country generated about 14,000 gigawatt hours of hydroelectric power, while wind energy projects recorded some 5,400 gigawatt hours and photovoltaic projects produced approximately 4,500 gigawatt hours.

Those projects have contributed to reducing carbon dioxide emissions by approximately 10 million tons and have created a fuel saving of 4 million tons of oil equivalent.

Egypt’s aim is to generate 42 percent of its electricity as of renewable energy sources by 2030.


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