17 November 2015
Abu Dhabi, United Arab Emirates - Egypt's renewables energy sector presents a potential opportunity of more than USD 10 billion for private sector financing over the next five years, experts announced today.
As Egypt's installed power capacity is set to nearly double from 31 gigawatts in 2013 to 60 gigawatts in 2020, renewables will play a key role and present an opportunity of USD 13 billion in investment and development, according to Frost & Sullivan.
In particular, Egypt plans to reach 20 percent of its total power for a total of 11.32 gigawatts from renewables by 2020, across wind, photovoltaic, concentrated solar power, and hydroelectric projects, according to a report by the Regional Center for Renewable Energy and Energy Efficiency.
"There are more than 4,000 megawatts in renewable energy projects currently under development in Egypt, split between wind, and solar, procured under a newly established Feed-in-Tariff regime and competitive tenders. There will be strong medium to short-term growth, but to date it has been a slow process due to some volatility and clarification regarding the government regulatory frameworks," said Bakr Abdel-Wahab, Managing Director of Infrastructure Private Equity at EFG Hermes, one of the Arab World's largest banks.
Accordingly, the World Future Energy Summit (WFES) 2016, hosted by Masdar and part of Abu Dhabi Sustainability Week, has added to its already extensive programming to allow for a country-specific focus: Egypt Energy Forum.
The event will be a platform to learn about the latest developments in the power, water, gas, solar, wind, and waste management sectors of the Arab world's largest economy, while enabling attendees to hear how the country's leaders articulate the ten-year vision for the nation.
"There are many regional conferences on renewables, but the World Future Energy Summit has the reputation for bringing in high-level developers and investors, providing a forum to give feedback to governments," added Bakr Abdel-Wahab, who will be presenting at the Egypt Energy Forum and World Future Energy Summit.
Among the key issues to be discussed are practical measures envisaged to accelerate renewable energy adoption across the country, including a proposed feed-in-tariff program, and the rollout of solar rooftops.
There will also be discussion around the status of key public-private-partnership (PPP) programs, and how they will be accelerated in 2016, such as the New Cairo Wastewater Treatment Plan, the Helwan Wastewater Treatment Plan, Recycling Solid Waste project, and Sharm El Sheikh sea desalination plant.
Finally, developers, operators, manufacturers, and contractors will hear from experts in the finance sector about its appetite for Egyptian project finance.
The new forum will draw top speakers, joining forces with those from the country's private sector energy, investment, and finance industries to form an unparalleled global platform on the country's energy future.
WFES 2016 will take place at the Abu Dhabi National Exhibition Centre on 18-21 January 2016, and is co-located with International Water Summit, and EcoWASTE. Co-located WFES events include the Solar Expo and Sustainable Transport Zone.
Masdar is Abu Dhabi's renewable energy company advancing the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today's fossil fuel economy and the energy economy of the future. Backed by the Mubadala Development Company PJSC, the strategic investment company of the government of Abu Dhabi, Masdar is dedicated to the Emirate's long-term vision for the future of energy.
For more information about Masdar, please visit: www.masdar.ae
Stay connected: facebook.com/masdar.ae and twitter.com/masdar
About World Future Energy Summit
The World Future Energy Summit (WFES) is the world's most influential event dedicated to advancing future energy, energy efficiency, and clean technology. Held each year at the Abu Dhabi National Exhibition Centre, WFES is hosted by Masdar Institute. The WFES 2015 exhibition and conference saw 650 companies from 40 countries, and more than 32,000 attendees from 170 countries participate. For more information, please visit www.worldfutureenergysummit.com.
About Abu Dhabi Sustainability Week
Abu Dhabi Sustainability Week (ADSW) is the ground-breaking global forum that unites thought leaders, policy makers and investors to address the challenges of renewable energy and sustainable development.With the global population set to reach nine billion by 2050, ADSW promotes collaborative thinking and development to accelerate the sustainable solutions needed to support rapid economic and population growth. An Abu Dhabi government initiative, ADSW is the largest gathering on sustainability in the Middle East and a significant forum in stimulating the international dialogue and action. For more information, visit www.abudhabisustainabilityweek.com.
© Press Release 2015