By:Agbi

Egypt has approved four new private sector-backed renewables projects to help achieve its 2030 green energy target.

The solar and wind energy projects are expected to generate 400 megawatts (MW) and are being built for $388 million, according to local media reports, which quoted a ministry statement.

The companies involved are Neptune for Electricity Production and Sales, Dubai’s AMEA Power, Taqa PV and Enara for Renewable Energy Services, Daily News Egypt reported.

Speaking at the Cop29 conference in Azerbaijan in November 2024, Prime Minister Mostafa Madbouly said that Cairo remains committed to meeting 42 percent of its electricity generation mix from renewable energy by 2030, but the goal remains at risk without international support.

Solar, wind and hydropower make up only 11.5 percent of Egypt’s electricity generation, Reuters reported, citing a July cabinet report.

Meanwhile, electricity and renewable energy minister Mahmoud Esmat said that the power regulatory agency had evaluated seven private-sector proposals, each planning to build a 100MW renewable energy facility. No investment details were given.

The reviews were conducted in cooperation with a global consultancy and the European Bank for Reconstruction and Development, which helped draft the regulatory framework for private sector engagement in the power sector.