Egypt approves renewable projects from Orascom Construction Consortium

Toyota Tsusho

30/08/2023 15:47

DUBAI, Aug 30 (Reuters) - Egypt's cabinet has approved a
proposal for 150-200 megawatts (MW) of renewable energy projects
from the Orascom Construction Consortium  OC.DI , the cabinet
said in a statement on Wednesday. 
    The consortium includes France's Engie  ENGIE.PA  and
Japan's Toyota Tsusho Corporation  8015.T . It has already
developed a 262.5 MW wind farm in Ras Ghareb along the Red Sea.
    Plentiful sunshine, strong winds and deserts in which to
construct plants mean Egypt has vast potential in renewable
energy, industry players say.
    The government has brought forward a goal of producing 42%
of power from renewables to 2030 from 2035, but missed a target
of 20% for 2022.

 (Reporting by Momen Saeed Atallah  Writing by Jana Choukeir
Editing by Mark Potter)
 ((Jana.Choukeir@thomsonreuters.com;))