Off-grid projects will provide electricity for 61,000 homes
Abu Dhabi sustainable developer Masdar is tapping into UAE foreign assistance funds to invest in rooftop solar projects in rural Egypt.
The off-grid scheme will provide power for 70 villages and 141 communities. It means 61,000 homes, clinics and hospitals in remote areas will have access to a reliable power supply from renewables.
Theres a fundamental need to invest in power in Egypt and this is an important project, said Ahmed Belhoul, CEO of Masdar, speaking at MEEDs Invest in Egypt 2014. This will bring energy for areas that really need it for internet, for basic services that allow economic activity.
Masdar has previously invested in larger solar projects in Morocco and Jordan.
Egypt is facing an energy crisis as peak demand grows by around 5 per cent per year, and its infrastructure ages.
More from MEED Invest in Egypt
- First microfinance securitisation due in 2015
- Bids for Egypts Abu Rawash plant due in December
- Egypt plans three PPP desalination projects
- Egyptian investors call for stability and reform
- Qalaa Holdings considering new capital raising in 2015
- Companies express interest in Egypt renewables scheme
- Egypts retail sector attractive but challenged
- Public-private partnerships to fund $4bn of Egypt projects
- Dana Gas to invest $350m in developing Egyptian gas
- Egypt strives to improve investment environment
- Egypt plans major housing, utility and infrastructure projects
- Arabtec deal a blueprint for Egypt housing projects
- Egypt looks to private sector for utilities investment
- Egypt needs 500,000 new homes a year
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