A Chinese company and a Japanese company have submitted bids to the Electricity Ministry to invest over USD 4 bn in renewable energy projects in Egypt over the next eight years, Al Borsa reports, citing what it says are ministry sources. It’s not clear whether the firms would invest in plants already in the pipeline, or look to build fresh projects.

The companies are also in talks with five Egyptian contractors and electricity firms who could partner with them to build the projects, the sources are quoted as saying. The talks should advance in 1H 2023, the sources said.

How will they get the funds? The companies have reached initial agreements with lenders in both China and Japan to finance the projects, the sources said, adding that they will negotiate the financing details once they get the final project approvals from the Electricity Ministry

REMEMBER- Egypt signed initial agreements for some 29.5 GW worth of wind power projects worth up to USD 34 bn during COP27, equivalent to nearly half of the country’s total installed power generation capacity. We have also set an ambitious target of sourcing 42% of our energy from renewables by 2030.