Mohamed Salah al-Sobky, director of the New and Renewable Energy Authority, said several energy-related projects will be presented during the Sharm al-Sheikh economic summit, with the total cost of around US$7 billion.
The projects are aimed at producing 4,000 megawatts from renewable sources: half of the energy would come from solar panels, while the other 2,000 megawatts would be wind-powered, he said.
Several local and international companies that submitted their financial and technical offers are taking part in the bid, according to Sobky. 136 companies have been qualified and 76 of them will carry out solar energy projects, while 36 others will work on wind power.
Regarding measures taken to attract investors, Sobky said that a feed-in tariff on solar energy has been adopted, which guarantees energy companies will purchase electricity at good prices.
Sobky also added that several measures guarantee favourable terms for Egypt. For instance, the investors are obliged to link their power stations to the national network at their own expense, in addition to taxes and rent for the land where the project is located.
Edited translation from Al-Masry Al-Youm
