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UAE company bets on renewable power in Egypt amid energy crisis

A Dubai-based private firm is leading a consortium in bidding to develop solar and wind power plants for Egypt as part of the country’s plans to diversify its power generation mix amid its worst energy crisis in decades, the company’s chairman said.

Egypt is working to expand both coal and renewable energy use. It is mostly dependent on natural gas to power homes and industry, and persistent shortages cause regular blackouts throughout the country of 85 million people.

Access Infra Africa, a partnership between United Arab Emirates’ Access Power and France’s renewable energy company EREN Developpement, plans to invest over $500 million in renewable power assets in Africa over the next three years, Reda El Chaar, chairman of Access Power, told Reuters.

Read the full story from Albawaba Business.