A positive outlook for renewable energy investments in Egypt

A positive outlook for renewable energy investments in Egypt

Egypt has come a long way in electricity generation from renewable resources.. The outlook for the renewable energy is "very positive" with more new investments in the sector are expected, says former head of the New and Renewable Energy Authority (NREA) Mohamed Salah Al-Sobky.. It is also developing gradually, and is witnessing real competition that is in the interest of the state and the consumers, as major international companies enter the local market to provide high-quality services at low prices, he adds in statements to Daily News Egypt.. "If the industrial sector gets 3% of its energy from renewable resources, this will increase the demand for renewable energy, and will prompt companies to produce more electricity and sell it directly to users without waiting for the government to conclude purchasing contracts of the produced energy," he said.. The project showed the attractiveness of investment in the energy sector, and that demand exists when rules and regulations do, he told DNE.. "Renewable energy can beat the petroleum sector in Egypt, and be the first destination for Arab and international investors," Salmawy added.. To attract more investment in the renewable energy sector, the Egyptian government needs to put a clear plan every