Abu Dhabi-based investment firm Al Nowais is investing USD 1 billion (EUR 885m) in two solar and wind projects in Egypt with a total capacity of 1,000 MW, chairman Hussain Al Nowais said in an interview with news agency Asharq on Monday.
The two projects include a 500-MW solar plant in Kom Ombo in the Aswan governorate in the south of the country and a wind park of 500 MW in Ras Gharib on the Red Sea coast. The completion of the two parks is expected in the next two or three years, Al Nowais said.
Al Nowais Investments is the owner of Dubai-based AMEA Power which is working on the Abydos solar plant in Aswan and the Amunet wind farm in the Gulf of Suez. The company has power purchase agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) for both projects in place, it said at the end of 2020.
In addition, Al Nowais is interested in investing in green hydrogen production in the North African country and is preparing to set up a partnership with companies from Germany, Japan and Italy to produce green ammonia which can be used as a clean fuel in the aviation industry.
Egypt is currently drawing solid interest from international companies which aim to harness the green energy potential of the Arab country and build green hydrogen capacities. In November, the Egyptian Cabinet said that three global alliances had submitted applications for projects for the production of green hydrogen in the Sokhna and East-Port Said regions as the North African country prepares to host the COP 27 summit next year.
(USD 1.0 = EUR 0.885)
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