RIYADH: UAE-based AlNowais Investments is putting $1 billion in two renewable energy plants in Egypt that will be ready in 2 to 3 years, the firm's Chairman Hussain Al-Nowais revealed.
The first project consists of a solar plant in Southern Egypt, and the second consists of a wind farm on the Red Sea. Both have a capacity of 500 MW each, he told Asharq, on the sidelines of an Economic Forum held in Cairo.
The company is currently in primary negotiations with the Egyptian government regarding investments to establish desalination plants in the country, Al-Nowais added.
He also showed interest in investing in the green hydrogen sector in the African country.
His company is currently arranging a consortium, including German, Japanese and Italian companies, to produce green ammonia that could be used as a clean fuel source for aircrafts, he said.
Egypt plans to increase its renewable energy to 10,000 in the second half of 2023, Minister of Electricity Mohamed Shaker said.
The country can produce 90 MW of electricity from wind and solar currently. More than 7,600 unused square kilometers have been allocated to renewable energy, he said.
