Access Infra has bidded for a $350m-$400m investment in renewable energy projects in Egypt over the coming three years.
According to the plan, the company will produce 300 MW of power in the first phase of projects generating electricity from solar (two-thirds) and wind energy (one-third) in Egypt.
The company aims to invest between $100m-$150m in Egypt annually for five years.
The Access Infra Africa alliance was included among other firms qualified to implement wind and solar projects in Egypt.
Until now, the alliance has invested around $500m for energy projects implementation in Africa, with Egypt having a major share of the portfolio.
The company will think about financial mechanisms through local and global banks for its Egypt project, with the funding structure including 80 percent of bank loans and 30 percent of capital financing.
The company will determine the extent to which these projects are fundable once the purchase agreements and the feed-in tariff are approved.
The New and Renewable Energy Authority (NREA) will soon invite investors to implement projects.
“Access Infra Africa” was founded with a contribution from the UAE firm “Access Power”, which operates in energy production projects in the Middle East and Africa.
Access Power works in cooperation with other international companies specialized in new energy projects.
Egypt is promoting the practice of both coal and renewable energy in the country. Mainly, Egypt depends on natural gas for power production and power shortages and blackouts are common in the country.
By 2020, Egypt wants 20 per cent of its power production from renewables such as wind and solar.
Sabeena Wahid
[email protected]