"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Renewable energy investments promising for Egyptian, foreign companies: TAQA Arabia Executive Chairman
TAQA Arabia has alliances with US and Greek companies to set up two plants with 150 MW in electrical capacity
Abdel Razek Al Shuwekhi Published in Daily News Egypt on 26 - 05 - 2015

The new and renewable energy sectors are promising for local and foreign investors and will benefit the consumer especially in terms of price levels, said TAQA Arabia's Executive Chairman Khaled Abu Bakr.
The Egyptian government has diversified its strategy for energy sources during the current fiscal year by issuing a new tariff law on new and renewable energy. This comes in addition to reducing fuel allocations in the current budget to about EGP 100bn, according to Executive Chairman of TAQA Arabia.
According to Abu Bakr, the company's investments in Egypt so far are EGP 2.5bn. He added that his company has signed an agreement with the Ministry of Electricity to set up a solar energy power plant in Kom Ombo. The plant's investment cost is EGP 570m, and its capacity is 50 MW.
"There are future alliances with two companies, one of which is with the Greek company TERNA, to set up a plant with electrical capacity of 100 MW," Abu Bakr said. "The other alliance is with the American company Solar Reserve to set up a plant with electrical capacity of 50 MW."
He added that with the government's direction to provide large incentives for investment in new and renewable energy, the sector's expected growth will not be limited to investments but will extend to the provision of new job opportunities. He added that the number of employees at TAQA Arabia currently stands at 3,400 employees.
TAQA Arabia works in cooperation with the Ministry of Petroleum in a number of governorates in Upper Egypt to convert 350,000 clients from using hazardous LPG cylinders to safer natural gas, Abu Bakr said.
"The state is working on supporting companies operating in the new and renewable energy through the issuance of new tariff laws that have been issued over the past year," said Professor Mohamed Salah ElSobki, Executive Chairman of the New and Renewable Energy Authority (NREA).
ElSobki believes that the banking system does not mind financing these projects under the state support.

Clic here to read the story from its source.