China Energy Engineering Corporation (CEEC) has announced plans to invest $1 billion in Egypt over the next five years, focusing on renewable energy, seawater desalination, and energy storage. This major investment was revealed during a meeting between Egyptian Prime Minister Mostafa Madbouly and CEEC’s chairman at the Shanghai Cooperation Organisation summit in China.
The initiative is part of Egypt’s broader strategy to expand its clean energy sector and attract more foreign investment. CEEC is in discussions with Egypt’s Ministry of Electricity and Renewable Energy about potential power generation projects and is prepared to localize technology within the country. The Egyptian government is encouraging Chinese companies to support local manufacturing of renewable energy components, with the aim of meeting an annual demand of 5–6 GW and positioning Egypt as an electricity exporter to Europe.
The investment will also support Egypt’s ambitions to increase its desalinated water production and further develop the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, which already hosts 200 companies and has attracted $3 billion in investment. This partnership is expected to create jobs, boost local industry, and help Egypt achieve its goal of making renewables 42% of its energy mix by 2030.
(Source: Solar Quarter)