Egypt-headquartered renewable energy company, Infinity Power, is likely to secure a 1,200 MW solar power project with battery storage in the country. Of the total capacity, 200 MW will be developed in Benban, Aswan Governorate, while 1,000 MW will be established in the Minya Governorate. The project follows the financial close of the 200 MW Ras Ghareb wind farm, which is co-owned by the UAE’s Masdar. The new solar-plus-battery story project is expected to require an estimated investment of $1 billion. Infinity Power operates solar energy projects in Egypt, with a cumulative capacity exceeding 250 MW, including four stations within a solar energy complex in Benban.

According to the Ministry of Energy, Saudi Arabia issued tenders for 64 renewable energy projects totaling 57.5 GW since launching its National Renewable Energy Program in 2017. These projects include 40 solar, nine wind, and 15 energy storage projects. To date, power purchase agreements totaling SAR93 billion (~$24.8 billion) have been signed.  The Ministry added that an energy storage capacity of 30 GWh has been tendered, and 8 GWh has been connected to the grid.

The Arab electricity and renewable energy sector has attracted a total of 360 foreign direct investment projects, valued at more than $351 billion, over the last two decades, according to the Kuwait-based Arab Investment and Export Credit Guarantee Corporation. Egypt, Morocco, the UAE, Mauritania, and Jordan accounted for approximately 69% of the projects (248 projects), around 83% of the capital expenditure ($291 billion), and 82% of the new jobs (approximately 68,000 jobs). The UAE led the list as the region’s top investor in renewable energy over 22 years, with 57 projects (16%) valued at over $88.5 billion, accounting for 25% of total investments. Saudi Arabia‘s ACWA Power topped the list in the number of projects with 20, accounting for around 6% of foreign projects in renewable energy. At the same time, the UAE’s Infinity Power ranked as the largest investor in the sector based on capital expenditure, with a value of $34 billion, or 10% of the total investments.