In the fast lane: Egypt moves to realize its outstanding wind and solar power resources
Market profile Egypt
Egypt is the second-largest economy in Africa and with approximately 90 million inhabitants the most populous country in the Arab World. Its recent past was marked by societal and political turbulence and re-ordering, most notably during the Arab Spring. With social structures now returning to stability, the country’s decision makers are focusing on finding answers to economic challenges ahead. Securing an adequate power supply is a top priority as frequent black-outs impede industrial development and stir discontent. Solar and wind power are expected to play a key role in this process.
A host of business opportunities for renewable energy players
With a sizeable market for both solar and wind power in Egypt expected in the short term, initially driven by the FIT program and other utility-scale projects, opportunities abound for both local and international companies from component manufacturing to project development, civil works, construction and installation. Financial investors can expand their portfolios with solar and wind power plants thanks to a new asset class being created for large-scale renewables projects under the FIT scheme.
Now is the time to enter the Egyptian renewable energy market
The recently announced ambitious and credible incentive structures and the exceptional availability of solar and wind resources have earned Egypt a spot on the global renewable power development hot list. With well managed implementation, Egypt could evolve as one of the most progressive renewable energy market in the MENA region within a short timeframe.