Egypt has announced an ambitious plan to establish 10 gigawatts of renewable energy capacity by 2028 as part of its National Platform for the NWFE Program. This initiative, unveiled during the inauguration ceremony of the Abydos 1 Solar Power Plant in Aswan, marks a significant step towards a sustainable energy future for the country. The program aims to increase renewable energy production, reduce reliance on thermal power plants, and support Egypt’s National Climate Change Strategy 2050.
The Abydos 1 Solar Power Plant, with a capacity of 560 megawatts, is a flagship project within this effort. It was inaugurated in the presence of Prime Minister Mostafa Madbouly, Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, Minister of Electricity and Renewable Energy, Mahmoud Esmat, Minister of Petroleum and Mineral Resources, Karim Badr, and Governor of Aswan Major General Ismail Kamal. This project, executed by AMEA Power and funded through international partnerships with institutions such as the IFC, JICA, and FMO, showcases Egypt’s commitment to renewable energy development.
During the event, Al-Mashat emphasized the energy component of the NWFE Program, which aims to decommission 5 gigawatts of thermal power plants and attract $10 billion in investments for renewable energy projects. These efforts, spanning from 2023 to 2028, align with Egypt’s goal to increase renewable energy’s share in its energy mix to 42% by 2030. This initiative also supports Egypt’s nationally determined contributions to global climate goals.
Al-Mashat also praised the program’s innovative approach to financing, which utilizes blended finance mechanisms to attract private sector participation. Since its launch in 2022, the NWFE Program has mobilized over $4.5 billion in concessional financing and added 4.7 gigawatts of renewable energy capacity. This program is expected to significantly reduce carbon dioxide emissions by 17 million tons annually and save $1.2 billion in fuel costs each year by replacing thermal power plants with clean energy sources.
The Abydos project reflects Egypt’s growing capabilities in renewable energy, supported by structural and legislative reforms implemented since 2014. These efforts have positioned Egypt as a regional hub for renewable energy, enabling it to meet domestic energy needs while also advancing cross-border electricity initiatives.
The NWFE Program has received international recognition as a model for green investment. During COP29, 12 multilateral development banks issued a joint statement commending the program for its effectiveness in driving climate action and promoting sustainable development. The Abydos solar power plant, along with other NWFE projects like the Amounet Wind Farm in Ras Ghareb, will contribute to Egypt’s transition towards a greener and more sustainable energy future. This will not only benefit the environment but also create new job opportunities and boost economic growth. Overall, this news highlights Egypt’s commitment to renewable energy and its potential to become a leader in the region in this field.