Norway’s Empower New Energy and Egypt’s Engazaat have signed a $50 million investment agreement to finance Engazaat’s renewable energy project portfolio in Egypt. The agreement was finalized during a meeting held alongside the official visit of Egypt’s President, H.E. Abdel Fattah El-Sisi, to Norway on December 9-10.

The partnership aims to secure full financing for a 40 MW solar project portfolio in Egypt. These projects, backed by 25-year Power Purchase Agreements (PPAs) with leading commercial and industrial clients, will also support the growth of Engazaat’s solar-for-water business.

Egypt had deployed 1,836 MW of solar by the end of 2023, according to figures from the International Renewable Energy Agency (IRENA).

The Egyptian government has set a target of achieving 42% renewables in its energy mix – including 22% solar – by 2030. It estimates that this will require 31 GW of solar.