Funding Renewable Energy

As Egypt aims at boosting the renewables’ share from one percent to 20 percent of energy produced by 2022, the state has been eager to secure funding for projects in that sector targeting mainly utility scale renewable energy and small scale solar energy. Wind and solar are supposed to constitute 12 and two percent of Egypt’s energy, while the rest would be generated from hydropower. A milestone was achieved by promulgating the feed-in tariff law in 2014 before it was amended in 2017. In the same year, the European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) approved the Egypt Renewable Energy Financing Framework and it is expected to be accomplished in 2022. The programme has two stages. The first is providing technical assistance for planning, setting necessary policies, and enhancing renewable energy integration mechanisms. The latter is pumping investments to support the development and construction of renewable energy projects worth $1 billion with the aim of generating around 1,400 GWh electricity annually and avoiding GHG emissions of about 800,000 tCO2e.

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