The Ministry of Planning, Monitoring, and Administrative Reform signed a tripartite cooperation protocol on Saturday with Qalaa Holding, and Nile University, to maximise the renewable energy sector, through cooperation between the public and private sector.
The protocol was signed by Osama Madi, head of the Central Administration for Financial and Administrative Affairs, representing the Ministry of Planning, Heba Labib, head of Innovation Sector, Nile University, Qalaa head of Marketing Communications, and CMO, Ghada Hammouda in the presence of Nada Massoud, advisor to the minister of planning for economic affairs.
The Minister of Planning, Monitoring, and Administrative Reform, Hala Al-Saeed, said that the signing of the protocol came within the framework of the ministry’s efforts to implement the “Sustainable Development Strategy: Egypt Vision 2030” goals to maximise the renewable energy sector’s share in energy production, and achieve energy security, through the participation of the private sector.
Furthermore, Hammouda emphasised the importance of cooperation between the public and private sectors in order to achieve sustainable development.
Egypt aims to diversify its energy mix by increasing reliance on renewable energy, especially wind and solar energy, by increasing the contribution of solar energy from the current 8% to 16%, wind energy from the present 1% to 14%.
Qalaa Holdings Chairperson and Founder, Ahmed Heikal, explained the size and diversity of the company’s investments in the energy sector such as the Egyptian Refining Company with investments of $4.3bn, which is the largest project implemented in cooperation between the public and private sectors, as well as the contribution of TAQA Arabia, one of its subsidiary companies in the construction of a solar power plant capacity of 50MW in the Benban solar power complex in Aswan.
Moreover, Hisham El-Khazindar, co-founder and managing director of Qalaa Holdings, said that the company’s management has taken a decision over the years to focus on a number of key sectors that are of strategic importance, rather than maintaining a portfolio of large projects representing many sectors.
El-Khazindar expressed his pride in participating in the preparation of the research study, which is expected to play a key role in the development of the renewable energy sector in Egypt during the coming period.