Delivering Renewable Energy investment in Egypt: challenges and opportunities. This is the title of the International Conference held in Rome yesterday, organized by RES4MED (Renewable Energy Solutions for the Mediterranean), under the patronage of the Ministries of Foreign Affairs and of Economic Development.
Among the panelists, international investors active in the field of Renewable Energy, including Giuseppe De Beni, Managing Director of Italgen, eager to share common views with key Egyptian stakeholders such as Mohamed Salah El Sobki, Executive Chairman of NREA (New and Renewable Energy Authority), and Salma Hussein, manager of EgyptERA (Electric Utility and Consumer Protection Regulatory Agency).
Following the declarations of the Egyptian stakeholders (the country needs at least 10 Billion $ of foreign investments by 2020 to face the long lasting electricity shortage and the forecast electric consumption growth) the panelists confirmed their interest in Renewable Energy investments in Egypt contributing to the ambitious targets set by the Government (i.e. the installation of 2.3 GW of solar energy and 2 GW of wind power by 2017, and the production of at least 20 % of electricity from renewable sources by 2020).
"Italgen, has taken up the challenge since 2007 - declared Giuseppe De Beni - implementing the first foreign private investment in Gulf El Zeit (Red Sea Governorate). Having obtained all the necessary permits we are about to start the construction of 120 MW wind farm and to develop an additional 200 MW wind farm that will partially cover the energy needs of a Country with a domestic market of about 90 million consumers and a 7% annual growth rate of electricity demand".
During the round table dedicated to the role of foreign investors in renewable energy in Egypt De Beni stressed the importance of a continuous dialogue between public and private sectors to promote the development of RES (Renewable Energy Sources) in the Mediterranean Rim, specifically in a country focused on achieving ambitious development targets, according to President El Sisi’s input.