Egypt has the potential to generate up to 53% of its electricity from renewable sources by 2030, and thus reduce its energy bill by USD 900 mn annually, based on the latest outlook from the International Renewable Energy Agency (IRENA), Invest-Gate reports.

The report, entitled “Egypt Renewable Energy Outlook,” was released at a high-level conference in Cairo on October 9 in the presence of Egyptian government officials and regional decision-makers, IRENA says in an official statement.

Commenting on the outlook, IRENA’s General Director Adnan Z. Amin said, “Egypt’s renewable energy potential is vast and the government has now moved decisively to accelerate its deployment. The Benban solar complex with its impressive scale reflects this new momentum.”

According to Adnan, Egypt can build on such achievements to spur substantially increased investments.

“Attracting these investments requires stable policy frameworks and a streamlined regulatory environment that provides clarity and certainty for investors. Investments in renewable energy not only help to meet rising energy demand but they can also contribute to fostering economic growth, creating employment and developing local manufacturing,” he elaborated.

Renewable energy can save nearly a quarter of the total final energy supply in Egypt. But, reaching higher goals calls for investments in renewable energy surpassing USD 6.5 bn annually rather than the current USD 2.5 bn, according to the report.

IRENA’s report adds that Egypt aims to obtain 20% of its electricity from renewables by 2022, increasing to 42% by 2035. The total installed capacity of renewables in the country today stands at 3.7 gigawatts.

The report was prepared by IRENA in close collaboration with the Egyptian Ministry of Electricity and Renewable Energy as well as the New and Renewable Energy Authority (NREA).