Page 11 - AfrElec Week 07 2022

AfrElec RENEWABLES AfrElec

20% of Egypt’s power

now generated from

renewables

EGYPT RENEWABLE energy has broken through which all contribute to achieving Egypt’s climate
the 20% threshold in Egypt, as the country’s action plan.
Finance Minister Mohamed Maait said this Egypt is planning to increase the share of
week that green generating capacity now stood green projects to be implemented within the
at 6,128MW. state’s national investment plan to around 50% to
Maait told the Egyptian Petroleum Show in 60% of all state capex investments by 2024/2025,
Cairo that over 50% of this capacity, or 3,500 up from 15% in 2020/2021.
MW, was owned and operated by the private Although renewables now stands at
sector. 6,128MW, including 1.4GW from the Benban
“The private sector is a key partner in attain- Solar Complex, fossil fuels continue to dominate
ing Egypt’s green and sustainable growth. 30% of power generation, while renewables accounted
total investments in FY2021/2022 is dedicated to for just 3.5 TWh of generating output in 2018, or
the green projects,” he said. 1.75%, compared with 160.9 TWh (80%) from
Maait said that the proceeds of Egypt’s first- gas and 13.5 TWh (6.75%) from hydro, accord-
of-its-kind green bonds, which were issued in ing to government figures.
2020, were currently financing 15 eco-friendly Including fuel oil, fossil fuels account for
projects nationwide. 90% of the country’s power needs, while CO2
Egypt received the first green finance, as a emissions have reached 224.2mn tonnes and are
result of this issuance, in November 2021 with a rising.
total value of $1.5 billion from number of inter- Egypt currently has 50,000 MW of installed
national financial institutions and development capacity. This includes 2,400 MW of hydro, 1,000
banks. MW of wind and 170 MW of solar.
Maait said that 46% of this financing was allo- Alongside renewables, Egypt is also develop-
cated for clean-transportation projects and 54% ing 4,800 MW of nuclear power together with
was dedicated to sustainable management and Russia at El Dabaa, and is implementing it.™
desalination of water and sanitation projects,

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