Egypt allocates 6M-sqm of lands for 7 renewable energy firms
Updated 5/23/2024 8:15:00 AM
Arab Finance: The New and Renewable Energy Authority (NREA) has begun procedures for allocating about 6 million square meters of land to seven global companies and alliances to establish several solar and wind energy generation projects, an unnamed government official told Asharq Business.
The total production capacity of these projects will reach about 27,000 megawatts, with investments of approximately $40 billion over 10 years, according to the source.
This capacity is equivalent to about 45% of the total capacity of the national electricity grid, which currently reaches about 59,000 megawatts.
The projects will be built in the oases in the New Valley Governorate and the West Nile in southern Egypt, as they are areas of high solar brightness and high wind speeds.
The investor has the right to obtain the land within six months from signing the memorandum of understanding (MoU) with the government, the source added.
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