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    SCZONE showcases investment opportunities to eight Japanese companies    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.



Toyota-Orascom-GDF alliance to complete Gulf of Suez wind farm by October
Renewable energy projects attract international companies to invest in Egypt, says El-Khayat
Published in Daily News Egypt on 16 - 07 - 2019

The Toyota, Orascom, and GD France alliance is due to complete the Gulf of Suez wind farm in October with a total investment of €250m.
About 85% of the project was completed and that the trial operation is due to begin in November. The commercial operation is to start before the end of this year, the New and Renewable Energy Authority (NREA) Executive Chairperson, Mohamed El-Khayat, told Daily News Egypt.
The Egyptian Electricity Transmission Company (EETC) buys energy from the Gulf of Suez wind power at about 3.8 piasters per kW/h.
The Ministry of Electricity and Renewable Energy seeks to produce 20% of Egypt's energy from new and renewable resources by 2020 as part of the ministry's plan to diversify sources of energy production and achieve sustainable development in the sector.
El-Khayat confirmed that the NREA has succeeded in attracting foreign investment of about $2bn to implement 1,465MW solar plants, which are financed by international organisations, such as the International Finance Corporation (IFC) with funds worth $653m, and the European Bank for Reconstruction and Development ($500m).
The IFC is leading a consortium of nine international banks that are investing for the first time in renewable energy in Egypt. The bank alliance includes the African Development Bank, the Asian Infrastructure Investment Bank, and the CDC Foundation, among others.
El-Khayat pointed out that Egypt is manufacturing locally some components of renewable energy industry. Some companies assemble solar panels, while the Ministry of Military Production plans to manufacture solar panels. A number of companies assemble and manufacture solar heaters.
He explained that there are attempts to manufacture some parts of wind turbines, such as towers, in addition to manufacturing cables and transformers for all renewable energy systems.
El-Khayat added that the current capacity of renewable energy reaches 1,100MW. Renewable energy now represents 10.5% of the total energy produced in Egypt; 1.5% solar and wind, and 9% hydropower.
He pointed out that renewable energy beats traditional energy in terms of cost easing the burden on the general budget.
Furthermore, he noted that recent economic reforms, such as the liberalisation of local exchange rate and fuel subsidy cuts allowed the government to adopt the BOO scheme, in which the EETC is committed to purchase the energy produced according to the contract price.
El-Khayat added that the NREA has completed the feasibility study for the construction of a 50MW photovoltaic power plant in Zaafarana city in cooperation with the Arab Fund for Economic and Social Development.


Clic here to read the story from its source.