Siemens Proposes €10 Billion Renewable Energy Investment In Egypt
The Egyptian Ministry of Electricity recently received a proposal for a massive renewable energy investment in the country from Siemens.
According to recent media reports, German company Siemens has proposed investment worth €10 billion in Egypt to set up 10 GW of renewable energy capacity. The reports, however, did not give details of the technologies the companies proposed to use to set up the renewable energy projects.
A special committee has been formed by the ministry to study the technical and financial aspects of the proposal.
Siemens is already implementing other renewable energy projects in the country. The ministry has signed an agreement with Siemens wherein the company will set up 2 GW of wind energy capacity at an estimated total cost of €2 billion. The projects will be set up through the EPC+Finance route, wherein the project developer (Siemens) will provide the equity investment, while the New and Renewable Energy Authority will arrange and pay for the debt finance. Siemens has started work on the first phase of this projects which covers 180 MW capacity.
The 2 GW wind energy capacity of the entire program shall be distributed across 12 wind projects. Siemens is expected to commission the entire capacity by 2022 supplying around 600 turbines. Siemens will also invest €100 million to set up a manufacturing facility to product equipment for turbines worth 340 MW capacity every year.
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