Wedoany.com Report-Dec 12, Empower New Energy, a Norwegian solar investment platform, has signed a $50 million agreement with Egyptian independent power producer Engazaat to fund a renewable energy project portfolio in Egypt.

Norway’s Empower New Energy and Egypt’s Engazaat have signed a $50 million investment agreement.

The deal will finance Engazaat’s renewable energy project portfolio in Egypt, including full financing for a 40 MW solar portfolio.

The two companies said the projects are backed by 25-year power purchase agreements with leading commercial and industrial clients and will support the growth of Engazaat’s solar-for-water business.

Egypt had deployed 1,836 MW of solar by the end of 2023, according to figures from the International Renewable Energy Agency (IRENA).

The Egyptian government has set a target of achieving 42% renewables in its energy mix – including 22% solar – by 2030. It estimates that this will require 31 GW of solar.