Egypt is preparing to announce companies chosen to build a 1,000-MW wind farm along the Gulf of Suez at the country plans to install at least 7,200 MW of wind energy capacity by 2020. The Energy Information Association (EIA) said that Egypt uses 80% of natural gas for its electricity generation, with the remainder being met mostly by hydroelectricity. The EIA continued, “Plans are underway to further expand electricity generation capacity by utilizing the country’s vast wind and solar resources.”
The North African country is hoping to attain $110 billion in investments in its energy sector by 2027. Electricity and Energy Minister Hassan Younes said the project would soon be tendered followed by a decision by the World Bank to approve a $220-million loan to Egypt to support the Wind Power Development Project. The Wind Power Development Project will have $150 million coming from the Clean Technology Fund (CTF), which is the first project that the CTF has supported in the MENA region.
“The project will support the renewable energy strategy of Egypt, which has given the utmost priority to the large scale renewable energy electricity generation program which can serve both national and regional goals of achieving fossil fuel savings, protection of the environment, and the creation of green jobs and technology transfer,” a World Bank press release said.
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