By Bedour El Raie and Mahmoud Salaheddin

Cairo – Mubasher: Global renewable energy firm Building Energy, which runs more than 20 projects across Africa, said it will invest $11 billion in Egypt, according to Cornelius Matthes, managing director for MENA region.

He added that his company will finalise in two weeks all procedures needed to allocate a land plot for its project in Egypt.

Building Energy owns the first bio fuel project with 16.9 MW capacity. It has been working for eighteen months on utilising agricultural waste and is producing 114 MW in Africa, according to the official.

Matthes also said Egypt and Morocco are leading the way on renewable energy in North Africa, adding that Egypt’s government decision to gradually lift fuel subsidies was for the benefit of the overall economy.

Translated by Sayed Abdel Rahman