UK businesses explore opportunities to invest in Egypt’s renewable energy sector

In the run up to the UK-hosted UN Climate Conference, COP 26, the UK’s Department for International Trade (DIT) at the British Embassy in Cairo organised a virtual British Investors Forum (BIF). The Forum brought together key British investors with Egyptian government officials to explore investment opportunities in Egypt’s growing renewable energy sector, tackling climate change and expanding Egypt’s green economy.

At the forum, Engineer Gaber El Desouky, the Chairman of the Egyptian Electricity Holding Company, introduced British investors to Egypt’s Renewable Energy Plan, and displayed the numerous investment and cooperation opportunities between the UK and Egypt.

More than 40 attendees joined the event, including British Ambassador to Egypt, Sir Geoffrey Adams, and the UK Prime Minister’s Trade Envoy to Egypt, Sir Jeffrey Donaldson, who highlighted the various ongoing British investments in the renewable energy sector in Egypt.

A recent British investment in Egypt’s renewable energy sector includes the ACTIS-Lekela $325m agreement with the Egyptian Electricity Transmission Company for the 250MW West Bakr Wind project in the Gulf of Suez. This project will increase Egypt's wind energy capacity by 18%, and will be a key pillar of Egypt’s ambition to generate 20% of its electricity from renewable energy sources by 2022.

Additionally, the UK’s development finance institution, CDC Group has invested $97 million in Benban Solar Park, which will support the generation of 400 MW of clean energy.

British Ambassador to Egypt, Sir Geoffrey Adams, said: “I was pleased to meet with some of the key British investors in Egypt in the latest meeting of the British Investors’ Forum. One of our main trade priorities this year is engaging the private sector on the sustainability agenda in the lead up to COP26, and promoting opportunities in the green economy to ‘build back better’ from COVID-19. One way the Embassy is looking to work with business on the green agenda in coming months is through the Race to Zero campaign. We are already working with businesses and British chambers of commerce on growing the campaign in Egypt and signing up new companies to participate in this important scheme.”

UK Trade Envoy to Egypt, Sir Jeffrey Donaldson, said: “The COP26 summit next November in Glasgow will provide an opportunity for the world to come together and commit to urgent action on tackling climate change.  The UK is committed to working with Egypt as well as companies on the frontline of climate change ahead of COP26. I am therefore delighted to see the British Egyptian Business Association (BEBA) and the Egyptian British Chamber of Commerce (EBCC) both announce their commitment to the Race to Zero campaign, and today encourage other British and Egyptian businesses to sign up and take action to reduce emissions and help communities adapt to climate impacts.”

External Affairs and Legal Director at Vodafone Egypt, Ayman Essam said: “At Vodafone Egypt, we are continuously committed to reducing our environmental impact. On this front, we have worked during the past years on several projects, for example having our data center in Beni Sufi fully and our headquarters partially operating on solar energy, having zero nonessential plastic in all our premises and retail stores and last but not least our strategic partnership with the Ministry of Environment to launch e-tadweer for electronic waste recycling. We are looking towards reaching our global goal to halve our carbon emissions and fully operate on renewable energy by 2025.”

Other participants included representatives from several companies, such as BP, Shell, Bombardier, AstraZeneca, HSBC, Actis, Matalan, CDC, PwC, and many others.