Norway’s Empower New Energy and Egypt’s Engazaat have signed a $50 million investment agreement.
The deal will finance Engazaat’s renewable energy project portfolio in Egypt, including full financing for a 40 MW solar portfolio.
The two companies said the projects are backed by 25-year power purchase agreements with leading commercial and industrial clients and will support the growth of Engazaat’s solar-for-water business.
Egypt had deployed 1,836 MW of solar by the end of 2023, according to figures from the International Renewable Energy Agency (IRENA).
The Egyptian government has set a target of achieving 42% renewables in its energy mix – including 22% solar – by 2030. It estimates that this will require 31 GW of solar.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.