President Abdel-Fattah El-Sisi has overseen the signing of a significant Egyptian solar project agreement between Norway's Empower New Energy and the UAE's Majid Al Futtaim, aimed at enhancing industrial solar energy in Egypt. Signed during El-Sisi’s visit to Norway, the agreement underscores Egypt’s commitment to renewable energy and positions the country as a growing regional hub for green energy initiatives.
Egyptian Solar Project Agreement Signed During Norway Visit
President Abdel-Fattah El-Sisi has overseen the signing of a landmark contract for a solar project in Egypt, reaffirming the nation’s commitment to renewable energy and sustainable development. The agreement, inked by Norway’s Empower New Energy and the UAE’s Majid Al Futtaim, focuses on industrial solar energy applications. This milestone showcases Egypt’s growing role as a regional hub for green energy initiatives.
The signing took place during President El-Sisi’s official visit to Norway, part of his European tour. He met with top executives from several Norwegian companies, including Empower New Energy, Scatec, and Norfund. These discussions emphasized enhancing bilateral investment ties, particularly in renewable energy, private sector development, and economic growth.
President El-Sisi highlighted Egypt’s strategic focus on renewable energy, pointing to the nation’s abundant natural resources, favorable climate, and robust infrastructure. He reiterated Egypt’s commitment to increasing its reliance on renewable energy as part of its ambitious economic development strategy.
The meeting also delved into opportunities to foster trilateral cooperation in Africa. President El-Sisi underscored the potential for leveraging Egyptian expertise to support the continent’s development through renewable energy solutions. Collaborations between Egyptian, Norwegian, and Emirati companies were identified as key to achieving tangible benefits for African communities, especially in areas lacking reliable energy access.
Empower New Energy and Majid Al Futtaim’s Role
Empower New Energy — founded in 2017 — has quickly established itself as a leader in renewable energy financing and co-development. Specializing in clean power projects for industrial and commercial users, the company successfully implemented eight solar projects across Egypt, Ghana, and Nigeria in 2022. These projects include contracts worth over $30 million, thus reflecting its commitment to advancing sustainable energy solutions.
Majid Al Futtaim — a prominent UAE-based conglomerate — has been an integral part of Egypt’s economic landscape for over two decades. The company operates major retail and entertainment brands like Carrefour and City Centre malls, highlighting its deep-rooted connection to the Egyptian market. Its involvement in this solar project underscores its commitment to supporting sustainable development in Egypt.
In addition to Empower New Energy, President El-Sisi met with leaders of other Norwegian firms, including Scatec, Norfund, and Yara. Scatec — a global provider of renewable energy solutions — has been a crucial partner in Egypt’s green investment projects. Norfund focuses on financing sustainable development in emerging markets, while Yara is a world leader in crop nutrition and environmental solutions.
The discussions emphasized Egypt’s ambitious economic development program and its dedication to attracting foreign direct investment. President El-Sisi praised the ongoing cooperation with Norwegian companies in green investments, reaffirming Egypt’s goal to become a regional hub for renewable energy.
Egypt’s Vision for Renewable Energy
Egypt’s renewable energy sector is a cornerstone of its national development strategy. With its extensive solar and wind resources, the country is uniquely positioned to lead regional renewable energy initiatives. The government’s proactive approach in attracting international partnerships demonstrates its commitment to achieving green energy targets and reducing reliance on fossil fuels.
The solar project agreement with Empower New Energy and Majid Al Futtaim exemplifies this vision. The collaboration aims to provide reliable and clean energy for industrial applications, contributing to the nation’s energy transition while supporting economic growth. It also lays the groundwork for future projects, further solidifying Egypt’s position as a leader in renewable energy.
Egypt’s experience in implementing large-scale renewable energy projects such as the Benban Solar Park positions it as a key player in advancing Africa’s energy transition. The partnerships forged during President El-Sisi’s visit could serve as a model for similar initiatives across the region.
The signing of the solar project agreement during President El-Sisi’s Norway visit marks a significant milestone in Egypt’s renewable energy journey. With support from international partners like Empower New Energy and Majid Al Futtaim, Egypt continues to make strides in sustainable development and clean energy adoption.