Israel to invest more in Egyptian renewable energy projects
Israel plans to invest more in the field of power generation with renewable energy in Egypt, after two Israeli companies announced a major plan to carry out several projects to this effect.
Israel is seizing the opportunity in the field of renewable energy plans in Egypt in a bid to consolidate diplomatic relations between the two countries.
On Aug. 16, Israeli natural gas producer NewMed Energy and Enlight Renewable Energy, a publicly traded company listed on the Tel Aviv Investment Exchange, announced a plan to carry out major projects in Egypt. The plan includes investing in several types of renewable energy projects, notably in the field of solar and wind energy, energy storage and other renewable energy sectors.
The two companies will be involved in the plan’s launching, development, financing, construction and operation, and will be collaborating with Egyptian contractors.
Enlight Renewable Energy CEO Gilad Yavitz said in an Aug. 15 statement he was seeking to exploit energy projects, which he sees as a major opportunity in the region, particularly in Egypt, which has recently boosted its natural gas sector to become a regional hub.
