Newswire service Zawya has reported that Mohamed El Sobki, NREA chairman, has said that 67 companies have been selected to build some 4.3 GW of renewable energy projects in the country. The announcement shows the huge level of interest in developing solar PV, solar thermal and wind projects in the country.
El Sobki made his remarks during a conference on Egypts renewable energy sector today. Egypt is promoting foreign investment in renewable energy projects to meet energy production shortfalls in the country. In September, Egyptian President Abdel Fattah el-Sisi said the country needed to invest at least $12 billion over five years to meet electricity demand in the country.
Egypt launched the first tender to construct a PV power plant in October 2013, according to reports from Daily News Egypt.
Loans for rooftop PV
The English-language Egyptian news outlet reported today than two Egyptian banks are participating in an initiative to provide loans for rooftop solar installations in the country. The Egyptian Businessmens Association (EBA) is organizing the initiative.
EBAs Magd Eldeen Almanzlaoy revealed that the loans will charge interest of between 4% and 8% and will be provided by the National Bank of Egypt and Banque Misr.
The initiative will be implemented during the first quarter (Q1) of the current year, particularly as the legislative structure of the new tariff for renewable energy put Egypt on the map of countries producing electricity from renewable sources, said Almanzlaoy.
The payback period for households installing solar under the loan scheme is intended to be seven years. As such, return on investment for households will total 18%.
Rooftop solar will be initially installed in parts of Cairo in the schemes preliminary stage, and then rolled out to other parts of the country.