He also said that the Egyptian government has signed agreements with Deutsche Bank, the European Investment Bank, the European Union, Japan, and Spain to fund a 540-megawatt wind power project in the Gulf of Suez, one of the Middle East’s windiest regions.
The Gulf of Suez is among the world’s most suitable locations for wind energy, with a potential developed capacity of at least 7,200 megawatts by 2022, according to the World Bank.
The Egyptian government is currently in talks with the Japanese government to finance another wind power project, located in the Western Nile region with a 200 megawatt capacity.
Egypt wants to increase its alternative energy sources to approximately 20 percent of its total output. Wind power is planned to take the lead among these renewable sources with around 12 percent of the country’s energy.
Concentrating Solar Power is also being looked into, especially in cities, but without the finances to cover such massive concentrated solar energy projects, the government has shied away from this renewable source in recent years, leaving it to individuals and private companies to take the initiative.