Norwegian platform invests $50 million in Egyptian renewables
Empower Contemporary Energy, a Norwegian photograph voltaic funding platform, has signed a $50 million settlement with Egyptian fair energy producer Engazaat to fund a renewable energy mission portfolio in Egypt.
Patrick Jowett
Image: Empower Contemporary Energy
Norway’s Empower Contemporary Energy and Egypt’s Engazaat have signed a $50 million funding settlement.
The deal will finance Engazaat’s renewable energy mission portfolio in Egypt, in conjunction with fat financing for a 40 MW photograph voltaic portfolio.
The 2 firms said the projects are backed by 25-year energy bear agreements with main industrial and industrial customers and must calm give a enhance to the development of Engazaat’s photograph voltaic-for-water exchange.
Egypt had deployed 1,836 MW of photograph voltaic by the cease of 2023, per figures from the World Renewable Energy Company (IRENA).
The Egyptian authorities has diagram a target of achieving 42% renewables in its energy mix – in conjunction with 22% photograph voltaic – by 2030. It estimates that this could occasionally require 31 GW of photograph voltaic.
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