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Saudi Arabian energy company ACWA Power plans to invest $10 billion in Egypt’s renewable energy market by 2026.
The energy firm has already invested $2.5 billion in Egypt and has five projects in the country’s renewable sector. The capital infusion will be used to develop solar and wind power plants and water desalination projects.
In a Daily News Egyptreport, ACWA Power CEO Marco Arcelli said the company aims to capture a 50% share of Egypt’s renewable energy market by 2026.
The company also aims to partner with the government in water solutions, as Egypt aims to launch several desalination projects.
“Our focus is on creating shared value by prioritizing the growth and well-being of our employees, as well as making a positive impact in the communities where we operate,” said Marco Arcelli.
In May, Minister of Electricity and Renewable Energy Mohamed Shaker noted that Egypt is targeting to increase reliance on renewable energy to make up 42% of the country’s total electricity needs by 2030, to achieve a renewable energy capacity share of 60% by 2040.
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