Finance Minister Ahmed Kouchouk met ACWA Power chief executive Marco Arcelli on the sidelines of the World Economic Forum (WEF) in Davos to discuss the projects, which are expected to be tendered in the coming weeks, as well as the company’s broader investment plans in Egypt, according to a ministry statement.
Kouchouk said Egypt is expanding partnerships with the private sector to attract investment in clean energy and seawater desalination, part of efforts to diversify energy sources and improve sustainability.
Egypt aims to generate 42 percent of its electricity from renewable sources by 2030 under its National Climate Strategy 2050.
“The government is open to any initiatives to stimulate investments and provide incentives for those who turn initiatives into tangible realities,” Kouchouk said.
The government introduced incentives in 2024 to support green hydrogen production as part of a second package of tax facilitation measures, aiming to attract foreign investment and support macroeconomic stability.
Egypt has also signed a series of agreements with foreign partners to develop renewable energy projects, including green hydrogen, solar power, and energy storage, as it targets economic growth of 7.5 percent by 2030, foreign direct investment (FDI) of $24.6 billion annually, and exports worth $145 billion.
Separately, Investment and Foreign Trade Minister Hassan El-Khatib met Arcelli on Tuesday to discuss expanding joint investments in renewable energy, desalination, and green hydrogen, his ministry said.
ACWA Power has expanded its presence in Egypt in recent years. In February 2025, the company signed a power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 2-gigawatt wind power project valued at 8.6 billion Saudi riyals ($2.29 billion).
In 2024, Egypt secured $275 million in joint financing for a 1.1-gigawatt wind power plant in the Gulf of Suez to be implemented by ACWA Power. A year earlier, the company signed an agreement with Egypt for a green hydrogen project worth more than $4 billion in the Suez Canal Economic Zone.
Egypt says the projects form part of its longer-term plan to cut carbon emissions and position itself as a low-cost producer of green hydrogen, targeting production costs of $1.7 per kilogram by 2050 and a 5–8 percent share of the global hydrogen market by 2040.
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