02 March 2024 09:37 AM

PM witnesses inking of deal between UAE's EMEA Power, int'l institutions

Wednesday، 30 November 2022 - 03:35 PM

Prime Minister Mostafa Madbouli witnessed the inking of financial close agreements between the UAE's AMEA Power and the international financial institutions at dlrs 1.1 billion.

The agreements mark the start of two projects for electricity production from renewable energy in the Gabal el Zeit area in the Red Sea governorate and Kom Ombo in Aswan at a 1000 megawatt production capacity.

The inking ceremony was attended by Electricity Minister Mohamed Shaker, International Cooperation Rania Mashat, UAE Ambassador in Cairo Mariam Al Kaabi, Japanese Ambassador to Egypt Oka Hiroshi alongside representatives of several international financing institutions.

On the fringe of the inking ceremony, Shaker said international renewable energy companies have a great confidence in Egypt as a pioneering country in the Middle East in the renewable energy production.

He said the ministry succeeded in implementing the state plan in luring more foreign and local investments in the renewable energy and green hydrogen projects.

He said Egypt is a regional hub for green hydrogen production.

Meanwhile, Hussain Al Nowais, Chairman of AMEA Power, said the company managed to realize a dlrs 1.1 billion financial close with a group of international financial institutions to establish the two stations.


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