Egypt will add nearly 10 gigawatts (GW) to its renewable energy production after projects in this sector are completed, an Egyptian Minister has said.

Renewable energy projects that will be carried out by the private sector alone will generate nearly 4.7 GW, just under half the targeted output until 2030, said Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation.

Mashat said after meeting Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), in Cairo on Saturday that the Ministry has managed to arrange loans of nearly $2.5 billion from EBRD and other creditors for the private sector to undertake renewable energy projects.

“These projects will generate 4.5 GW of electricity…they will support our programme to produce 10GW to achieve the targeted renewable energy share of 42 percent by 2030,” she said, adding that 12 conventional power plants with a capacity of 5 GW would be shut.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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