Cairo - Mubasher: The projected value of investments in Egypt’s renewable energy sector is estimated at $13 billion by 2022, according to New and Renewable Energy Authority Chairman’s Mohamed El Sobki.
El Sobki explained, in his statement to Mubasher on Wednesday, that Egypt is targeting renewable energy contribution by 20% of electricity by 2022 and to rise to 30% by 2030, compared to 1% during the current year.
The actual production will begin in 2017, while electricity production from nuclear power is expected to start in 2023, as Egypt is seeking to diversify its energy sources, he added.
Egypt entered into an agreement with Russia in 2015 to construct and operate the first nuclear power plant in Egypt with Russian technology.
The Chairman confirmed that the government intended to eliminate electricity subsidies by 2019, as most of them go for owners of factories and companies.
