Saudi ACWA Power aims to invest $10bln in Egypt: CEO

Saudi ACWA Power aims to invest $10bln in Egypt: CEO

Sharm El-Sheikh – Egypt has pushed strongly for expanding renewable energy production to reduce greenhouse gases, improve air quality, and enhance opportunities for a gradual transition towards reliance on sustainable energy.

The energy sector witnessed a significant expansion in the establishment of several projects to generate electricity from wind and solar power, with the aim of feeding green hydrogen production projects and seawater desalination projects. Nine agreements were signed between Egypt and major alliances of international energy companies to launch new projects in the field of renewable energy with investments exceeding $83bn, on the sidelines of the United Nations Conference of the Parties (COP27) in Sharm El-Sheikh in November.

Paddy Padmanathan, Vice Chairperson and CEO of ACWA Power, expects the group to inject up to $10bn worth of investments in Egypt by 2026.

In an interview with Daily News Egypt, he added that the group will invest about $1bn in 2023, while those investments will increase by $3bn each year from 2024 to 2026.

He pointed out that these investments do not include the targeted projects in green hydrogen, and in the event that this sector is penetrated by ACWA Power, these investments will be greatly enlarged.

He said that the company’s most prominent projects