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That of Norway Make new energy possible And Egypt‘s Engazaat has signed a $50 million investment agreement.
The deal will finance Engazaat’s renewable energy project portfolio in Egypt, including full financing for a 40 MW solar portfolio.
The two companies said the projects are backed by 25-year power purchase agreements with leading commercial and industrial customers and will support the growth of Engazaat’s solar-for-water business.
According to figures from the International Renewable Energy Agency (IRENA), Egypt had deployed 1,836 MW of solar energy by the end of 2023.
The Egyptian government has set a target of 42% renewable energy sources in its energy mix 22% solar energy – by 2030. It is estimated that this will require 31 GW of solar energy.
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