Egypt Fast Becoming A Hot Renewable Energy Market

With ample natural resources to supply the renewable energy market, Egypt is finally finding its way to a cleantech future. Plagued with chronic shortages in electricity supply, a new, ambitious wind and solar procurement schedule is propelling the country forward. Released recently by Apricum–The Cleantech Advisory, a renewable energy market briefing anticipates Egypt assuming a position as a “renewable energy powerhouse” in the near future.

With around 90 million inhabitants, Egypt is the Arab World’s most populous country. Although recent political turmoil embroiled the country in revolution and counter-revolution, the turbulence has greatly subsided and social structures are stabilizing. As the second-largest economy in Africa, economic challenges have now become the focus of Egypt’s government and business leaders.
Stirring discontent, the frequency of electric blackouts are negatively impacting domestic life and industrial development. Urgently wishing to meet the soaring rate of power consumption with a stable supply, an additional 13 GW of capacity must be brought online in Egypt over the next five years. Solar and wind power in Egypt are anticipated to greatly help relieve this pressure. Thanks to a generous feed-in tariff (FIT) announced in September 2014, Egypt will procure 4.3 GW of solar and wind power production by 2017.