Renewable Energy Authority CEO Mohamed al-Sobky said Egypt has attracted $1.1 billion investments in renewable energy projects in five months, which accounts for 55 percent of the targeted investments in one year.
He said the projects include 30 solar power plants in Upper Egypt and three wind power plants along the Red Sea.
Investment Minister Ashraf Salman had said on Monday that Egypt aims to attract investments of $40 billion in the renewable energy sector by 2025 in order to generate 60 gigawatts.
Sobky also said that international companies are interested to set up renewable energy projects due to favorable incentives granted by the government and strong, frequent sunny days in Egypt.
The Egyptian government announced in December it intended to buy electricity produced from renewable energy plants on a feed-in tariff system.
The Egyptian electric power sector in Egypt has not been developed for years. It needs $13 billion over five years to offset its deficit. Also, Egypt needs to add 2500 MW per year to the grid until 2035, according to President Abdel Fattah al-Sisi.
Edited translation from Al-Masry Al-Youm
