Page 12 - AfrElec Week 35 2021

AfrElec NEWS IN BRIEF AfrElec

SOL AR demand for renewable energy and will finance commercial operations. Nevertheless, the
five solar projects in the regions of South country’s sizable oversupply of electricity will
Trine and Solarise Africa and Kenya. The partnership combines hinder medium-term growth, weighing on the
the expertise of leaders in renewable energy
impetus to invest in new generating capacity,
Africa signs US$5.92mn and sustainability. according to the report.
The report also stressed that investment
framework agreement in new electricity export infrastructure and
an expanding industrial sector is expected
Swedish-based impact investment platform INVESTMENT to boost medium- and long-term demand to
Trine has announced partnership with narrow the surplus, driving renewed power
Solarise Africa, a pan-African energy leasing Egypt earmarks $2.74bn in sector investment over the remainder of the
company. period to 2030.
The new venture, totalling around public investments for the
US$5.92mn across multiple tranches, is set
to advance investments in food security, power sector in the current
renewable energy, urban development, and INVESTMENT
manufacturing and production in South FY2020/2021
Africa, Kenya, Ghana and Rwanda. Egypt, Siemens talk co-
“We are very excited about this new Egypt has earmarked EGP43bn ($2.74bn)
partnership as we move into the commercial in public investments for the power sector operation
and industrial market. This presents a new in the current FY2020/2021, Minister of
offering for our investors as Solarise Africa Planning Hala El-Said reportedly said, before Egyptian Electricity Minister Mohamed
works with a selected group of renewable adding that it is targeting to increase national Shaker has discussed with Siemens Middle
energy solution companies and collaborates income from the sector by 7.4% year on East CEO Helmut von Struve and CEO of
very closely with their partners to provide a year to EGP180bn, up from EGP168bn in Siemens in Egypt Mostafa el Bagoury ways
range of tailor-made financial solutions for FY2020/2021, equivalent to 1.8% of Egypt’s of fostering future cooperation between the
their customers. Their innovative financing GDP. electricity sector and the German company.
solutions are very impressive and we are glad The Ministry of Planning sees the Shaker hailed the level of cooperation
to have them onboard and look forward to power sector as the cornerstone of inclusive with the German company in implementing
following their continued success,” said Sam development, as all industrial, agricultural, a number of projects and programs in the
Manaberi, CEO and co-founder of Trine. tourism, service and urban sectors depend electricity sector, citing the setting up of three
Demand for on-site renewable energy on it to operate their establishments and mega power plants with a capacity of 14.4 GW
assets is growing rapidly as businesses are generate value added. In a recent report, gigawatts in only two years, which increased
faced with rising energy costs and a desire to Fitch Solutions expects Egypt’s power sector the capabilities of the Egyptian national
improve the sustainability of their operations. to witness consistent growth throughout electricity grid by 25 percent.
The first debt financing round provided by the coming decade as numerous solar, wind The Electricity and Renewable Energy
Trine will unlock the potential to meet the and thermal power plants (TPPs) enter Ministry is keen on establishing electricity
linkage projects with neighbouring countries,
including Sudan, Jordan, Libya, Saudi Arabia,
Cyprus and Greece, Shaker noted.
The minister pointed to his ministry’s
participation in the presidential initiative of
Decent Life by improving the efficiency of the
electricity grid and services in the villages.
Meantime, Struve praised the remarkable
and rapid development of the projects
implemented by the Egyptian ministry and
accomplishments achieved by the electricity
sector nationwide in a short time, expressing
his interest in boosting cooperation in the
fields of renewable energy, improving energy
efficiency and developing of electricity
distribution and control centres.
The Siemens Middle East CEO pointed to
setting up the National Energy Control Centre
in the New Administrative Capital (NAC)
with a total investment cost of LE 840 million.
The centre will control 228 power
plants across the country including 72 ones
generating power from various sources of
energy with a combined capacity of 59.5
gigawatts.

P12 www. NEWSBASE .com Week 35 02•September•2021