Within the framework of her continuous meetings within the activities of the annual meetings of the European Bank for Reconstruction and Development, held in Samarkand, Uzbekistan, during the period from May 16-18, Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the Bank, met Mr. ACWA Power Saudi Arabia, and Mr. Marco Archelli, CEO of the company. During the meeting, they discussed the company’s investments in Egypt, and their promotion, especially in the field of renewable energy, water desalination and green hydrogen.
The meeting discussed the projects that the company is working on implementing in Egypt, and the role of international partnerships with the European Bank for Reconstruction and Development in promoting these investments through development funds and technical support. In this regard, company officials praised the efforts made by the Ministry of International Cooperation to stimulate the participation of the private sector. In development and encouraging private investments in the renewable energy sector and electricity generation through relations with development partners, especially through the implementation of the Egyptian national platform for the “Novi” program.
The Minister of International Cooperation explained the government’s keenness on the effective participation of the private sector, as a major partner in development, in the implementation of projects in various fields, as well as the implementation of the Egyptian national platform for the “Novi” program, the focus of the link between water, food and energy projects, adding that the Ministry of International Cooperation It works in coordination with development partners and relevant parties to provide various financing mechanisms and mixed financings that encourage the private sector to inject investments into the implementation of these projects.
It is worth noting that ACWA Power is working on the construction of a wind power plant in the Gulf of Suez with a capacity of 1100 megawatts as part of the projects being implemented within the framework of the energy axis of the “Novi” program, through which it aims to implement renewable energy stations with a capacity of 10 gigawatts to reduce harmful emissions and stimulate a just transition towards renewable energy in Egypt.
The company’s officials affirmed their endeavor to expand investment inside Egypt through the implementation of renewable energy projects, as well as green hydrogen production and water desalination projects, in a way that enhances development efforts in the country.
The company had obtained $114 million in financing to inaugurate the largest solar power plant belonging to the private sector in Egypt, in the city of Kom Ombo in Aswan, with a capacity of 200 megawatts. Reconstruction and Development, the OPEC Fund for International Development, the African Development Bank, the Sustainable Energy Fund for Africa of the African Development Bank, the Green Climate Fund, the Arab Bank, and the Arab Petroleum Investments Company (APICORP).