By:Zawya

Egypt aims to attract 100 billion Egyptian pounds ($2 billion) in private sector investments in new renewable energy projects over the next two years, a news report said.

The investments, expected from local and foreign investors, will be structured under the build-operate-own (BOO) model, Ashraq Business, an Arabic financial portal, reported citing an unnamed government official.

The Ministry of Electricity and Energy plans to add 3 gigawatts (GW) of solar and wind power projects by summer 2025 to prevent a repeat of last summer’s power outages.

The government is committed to purchasing the entire energy output from these projects through long-term power purchase agreements (PPAs), the official said.

Major investors in the renewable sector are Saudi-listed ACWA Power, UAE’s Masdar, Egypt-based Hassan Allam Utilities and Infinity Power, a joint venture between Netherlands-based Infinity Group and Masdar, the report said.