Al Nowais Investments is putting $1 billion in two renewable energy plants in Egypt
Post date: 11/01/2022 - 18:02
UAE-based Al Nowais Investments is putting $1 billion in two renewable energy plants in Egypt via its energy company AMEA Power. The plants will be ready in 2 to 3 years, the firm’s Chairman Hussain Al Nowais said. The first project consists of a solar plant in Southern Egypt, and the second consists of a wind farm on the Red Sea. Both have a capacity of 500 MW each, he told daily newspaper Asharq, on the sidelines of an Economic Forum held in Cairo.
The company is currently in primary discussions with the Egyptian government regarding investments to establish desalination plants in the country, Al Nowais added. He also showed interest in investing in the green hydrogen sector in the African country.
Hussain Al Nowais declared that his company is currently arranging a consortium, including German, Japanese and Italian companies, to produce green ammonia that could be used as a clean fuel source, he said.