Is Egypt a good place to invest in solar energy?

Egypt has plenty of land and high solar yields, “making renewables highly competitive against other sources of energy,” the Scatec spokesperson said. But the main limiting factor is the high cost of financing as a result of rising global interest rates, they added.

Is empower preparing a solar investment with multinationals in Egypt?

Empower is currently preparing three solar investments with multinationals operating in Egypt “that are seeking to decarbonize their operations while at the same time securing a competitive electricity tariff over time,” said Empower Chief Executive Officer Terje Osmundsen.

Is Egypt a good PV market?

Osmundsen said that Egypt is fundamentally an attractive PV market but the country’s current economic crisis, including a severe currency depreciation, is making foreign investment difficult.

Will Egypt's PV market open up soon?

Voltalia expects the Egyptian PV market to open up very soon, however, because there was power rationing for two hours per day during the winter, due to a lack of natural gas feedstock for thermal power plants and a lack of foreign currency to buy gas, the Scatec representative said.