Italgen, Italian energy generation company, and General Electric Egypt, American multinational conglomerate corporation, are to work on different development projects in the infrastructure and energy sectors, Invest-Gate reports.
Italgen is to work on the construction of a 320-megawatt wind power plant in Zaafarana, the Red Sea with investments worth USD 350 mn.
At a meeting with Minister of Investment and International Cooperation Sahar Nasr, Italgen managing director voices intention to pump more investments in Egypt’s renewable energy sector.
Meanwhile, General Electric is to develop the Egyptian Railway Network, supplying from 100 to 200 train cars, 35% of which will be manufactured in Egypt.
This also goes in line with the country’s growing interest in exploiting its huge resources and generating electricity from renewable energy to diversify energy sources and ensure its sustainability. Moreover, Egypt has set a target to increase the share of renewable energy to 22%.