Egypt to Boost Renewable Energy Capacity by 10 GW by 2028

Egypt has announced that it will increase its renewable energy capacity by 10 GW by the year 2028. The initiative is part of the National Platform for the NWFE Program. The plan was unveiled during the inauguration of the Abydos Solar Power Plant.

The Abydos 1 Solar Power Plant

This project marks the first of its kind for Egypt's renewable energy sector. It is among the few projects undertaken in the country to reduce dependency on thermal power plants. The plant is located in Aswan and has a capacity of 560 MW.

The Al Nowasi Group's AMEA Power is the developer of the plant, with funding from several institutions. Organizations that financed it include the International Finance Corporation, Japan International Cooperation Agency, and the Dutch Development Bank.

Multilateral Banks Praise Egypt’s NWFE Program for Advancing Water, Food, and Energy Solutions at COP29

Climate and Renewable Energy Goals

Egypt aims to retire 5 GW of thermal power plants under the NWFE Program, which will bring an investment of $10 billion in renewable energy. Increasing the share of renewable energy to 42% is the outcome the plan is aiming for.

According to Egypt's energy minister, the plan will turn the country into a regional renewable energy leader.

The program aims to cut emissions by 17 million tons each year and lower the yearly fuel costs by about $1.2 billion.

Blended Finance and International Support

The NWFE Program has been able to secure financing via blended finance mechanisms. The program, launched in 2022, has so far mobilized more than $4.5 billion in concessional financing. The funds collected provide for 4.7 GW of renewable energy capacity.

The NWFE Program also received some appreciation at COP29. The multilateral banks praised it as a good investment model for green development.