Is Egypt a good place to invest in solar energy?

Egypt has plenty of land and high solar yields, “making renewables highly competitive against other sources of energy,” the Scatec spokesperson said. But the main limiting factor is the high cost of financing as a result of rising global interest rates, they added.

Where can solar power be developed in Egypt?

Utility-scale PV development has, thus far, clustered around Aswan in the south of the country, where solar resources are strongest and there is plenty of land for development. The biggest chunk of Egyptian solar capacity is provided by the Benban project, which lies 50 km from Aswan and is one of the world’s biggest PV sites.

How much solar power does Egypt have?

The biggest chunk of Egyptian solar capacity is provided by the Benban project, which lies 50 km from Aswan and is one of the world’s biggest PV sites. Official figures on its capacity vary from 1.4 GW up to 1.8 GW, with the confusion apparently centering on the scope for expansion of some individual elements.

What is Egypt's energy mix?

The resulting revenue, combined with falling PV component costs has changed the landscape of Egyptian energy economics. The latest figures published by Egypt’s New and Renewable Energy Authority (NREA) indicate the country’s power generation mix is currently 80% thermal, 12% wind, 6% hydro, and 2% solar.

Is empower preparing a solar investment with multinationals in Egypt?

Empower is currently preparing three solar investments with multinationals operating in Egypt “that are seeking to decarbonize their operations while at the same time securing a competitive electricity tariff over time,” said Empower Chief Executive Officer Terje Osmundsen.

How many MW of solar power is there in 2023?

NREA figures show that at the end of 2023 there was 1.5 GW of solar capacity at Benban and 26 MW at Kom Ombo, with both located near Aswan, plus 50 MW at the Belectric-CCC joint venture’s Zafarana project on the Red Sea coast.