AMEA Power solar power project in Egypt. Company's website.
Madbouly said the government plans to reach this goal by offering incentives to foreign companies to boost investment in the sector.
He highlighted that Egypt’s commitment to settling dues with foreign partners has encouraged companies to expand exploration, improve efficiency, and develop petroleum fields.
Speaking at a press conference following the weekly Cabinet meeting, Madbouly stressed that the government now aims to achieve a 45% renewable energy share by 2028, ahead of the previous 2030 target.
Earlier this year, deputy Electricity minister Sabah Mashaly said that Egypt aims to increase the share of new and renewable energy to 42% of its total energy mix by 2030, as part of a comprehensive national strategy to achieve energy security and sustainability.
Madbouly added that the electricity network is being upgraded to accommodate the additional capacity, at an estimated cost of 160 billion Egyptian pounds.
The prime minister further said positive developments are expected in securing energy supplies and increasing domestic production, which will help reduce Egypt’s energy bill over the next three years.
Madbouly also noted that the government plans to implement major renewable energy projects in the coming period.
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