Elsewedy Electric eyes $1.5 billion investment in African renewables this year
Elsewedy Electric could invest as much as USD 1.5 bn in three renewable energy projects in Africa before the end of the year, CEO Ahmed Elsewedy told us, confirming reports by Hapi Journal.
Nothing is set in stone: Elsewedy cautioned that the group’s future plans are still under consideration, adding that no commitments have yet been signed. The push comes as part of a wider plan to launch renewable projects in as many as 10 African countries.
The company has a number of green projects in Egypt in the pipeline. It is:
- Working with the government to build 28 EV charging stations in Sharm El Sheikh ahead of the COP27 summit in November;
- Studying the establishment of a USD 400 mn, 300-MW solar energy project in the new Ain Sokhna economic zone, which it could take on solo or work on as part of a consortium;
- Collaborating with the government on a EGP 1 bn factory to produce water-saving sprinklers, localizing a product that is usually imported. The factory should come online in July.
Regional expansion ahead: The company is investing an undisclosed amount to expand in Egypt, the Gulf, Africa, Latin America, Pakistan, and Indonesia, and is working to up capacity at its existing cable factories.