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Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Suez 1.1 GW wind project, part of NWFE programme, wins two regional awards
The Suez 1.1 GW Wind Power Plant Project, part of Egypt's 'NWFE' (Nexus of Water, Food, and Energy) programme, has received two regional awards for 'Best Infrastructure Deal' and 'Best Energy Deal,' the Ministry of Planning, Economic Development and International Cooperation announced. The project, implemented by a consortium of local and foreign private sector entities, secured the 'Deal of the Year' award in the infrastructure sector from African Banker magazine. Financing for the project was contributed by a consortium of international and regional financial institutions, including the African Development Bank, the OPEC Fund for International Development, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), DEG (a subsidiary of KfW), and the Arab Petroleum Investments Corporation (APICORP). The project also received the 'Best Energy Deal in Egypt and Africa' award from EMEA Finance. This recognition was within the framework of a platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, to provide $300m in financing for the project. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, stated that energy projects within the 'NWFE' programme 'embody the strength of partnership between the government, private sector, and international institutions to drive development efforts and green transition.' Al-Mashat emphasised that the 'NWFE' programme country platform, particularly its energy pillar, has become a model for partnership between international financial institutions and the local and foreign private sector. This partnership aims to provide the necessary financing and investments to support Egypt's efforts in renewable energy, contributing to the implementation of the national sustainable energy strategy and nationally determined contributions. The Minister pointed out that structural and regulatory reforms implemented by the government since 2014 have facilitated significant private sector entry into the renewable energy field. This, she noted, has encouraged international financial institutions to inject investments and development financing into these projects. Egypt aims to achieve 42% renewable energy in its generated power mix by 2030. 'We continue to coordinate with the European Bank and other partners to add 10 GW of renewable energy through the program's projects,' Al-Mashat added. She further detailed that the energy pillar of the 'NWFE' programme has achieved tangible results since its launch in November 2022 at COP27. Agreements have been signed to initiate renewable energy projects with a capacity of 4.2 GW with private sector companies, and development financing of approximately $4bn has been mobilised for these projects. Al-Mashat explained that efforts are ongoing in coordination with the EBRD to achieve the programme's energy pillar target: adding 10 GW of renewable energy capacity with investments of approximately $10bn, phasing out 5 GW of fossil fuel power generation by 2028, and enhancing and developing grid infrastructure, while supporting national grid investments. These efforts all aim to support the national strategy. The Suez wind project is described as the largest of its kind in Egypt and one of the largest projects on the African continent. It is expected to generate 4,111 GWh annually, providing clean, reliable, and affordable energy to over one million households. The project is also anticipated to reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments under the Paris Agreement.
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Suez 1.1 GW Wind Power Plant Wins Two Global Awards for Landmark Energy Deal
Israa Farhan The Ministry of Planning, Economic Development and International Cooperation announced that the Suez 1.1 GW Wind Power Plant Project, implemented by a local and foreign private sector consortium as part of the energy pillar of the "NWFE" program country platform, has received two international awards. The project won the "Deal of the Year" award in the infrastructure sector from African Banker magazine. A consortium of international and regional financial institutions contributed to the project's financing, including the African Development Bank, the OPEC Fund for International Development, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), DEG (a subsidiary of KfW), and the Arab Petroleum Investments Corporation (APICORP). In the same context, the project received the "Best Energy Deal in Egypt and Africa" award from EMEA Finance, within the framework of the platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, to provide $300 million in financing for the project. H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, emphasized that the "NWFE" program country platform, particularly regarding the energy pillar, has become a model for partnership between international financial institutions and the local and foreign private sector. This partnership aims to provide the necessary financing and investments to support Egypt's efforts in renewable energy, for the implementation of the national sustainable energy strategy and nationally determined contributions. H.E. Dr. Al-Mashat pointed out that the structural and regulatory reforms implemented by the government since 2014 have opened the way for the private sector to significantly enter the renewable energy field. This has encouraged international financial institutions to inject investments and development financing into these projects, noting that Egypt seeks to implement its vision to reach 42% renewable energy in its generated power by 2030. H.E. Minister Al-Mashat added that the energy pillar of the "NWFE" program has achieved tangible results since the program's launch in November 2022 at COP27. Agreements have been signed to initiate renewable energy projects with a capacity of 4.2 GW with private sector companies, and development financing of approximately $4 billion has been mobilized for these projects. She explained that efforts are ongoing in coordination with the EBRD to achieve the program's energy pillar target: adding 10 GW of renewable energy capacity with investments of approximately $10 billion, phasing out 5 GW of fossil fuel power generation by 2028, and enhancing and developing grid infrastructure, while supporting national grid investments, all with the aim of supporting the national strategy. The Suez wind project is the largest of its kind in Egypt and one of the largest projects in the African continent. It is expected to generate 4,111 GWh annually, providing clean, reliable, and affordable energy to over one million households. It will reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments under the Paris Agreement. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
