Hassan El-Khatib, Minister of Investment and Foreign Trade, met with the CEOs of Saudi Arabia’s ACWA Power and Greece’s Public Power Corporation (PPC) on the sidelines of the World Economic Forum (WEF) in Davos to accelerate Egypt’s transition into a regional green energy and water desalination hub.

During a high-level meeting with ACWA Power CEO Marco Arcelli, El-Khatib reaffirmed the government’s commitment to streamlining investment procedures for the renewable energy sector, according to a statement by the Cabinet.

The Saudi group currently operates two solar plants in Egypt with a combined capacity of 350 megawatts (MW), which the Minister noted are performing beyond expectations. Parallel to these operations, the 1.1-gigawatt (GW) Shams solar project is progressing according to its development schedule, while the Ministry is actively resolving financing challenges for a separate 2-GW solar expansion to ensure it reaches full operational capacity.

The two parties also explored future frontiers in battery energy storage systems (BESS) and wind power, focusing on localizing service sectors and boosting domestic manufacturing to support the national economy.

In a subsequent meeting with Georgios Stassis, Chairman and CEO of Greece’s Public Power Corporation (PPC), El-Khatib centred discussions on Egypt’s role as a pivotal partner in regional energy security.

This partnership focuses on cross-border electricity interconnection and the establishment of “green corridors” connecting North Africa to Europe. The Minister emphasized that technology transfer and capacity building are the cornerstones of this cooperation, a sentiment echoed by Stassis, who highlighted PPC’s specific interest in developing green hydrogen projects and exporting clean energy from Egypt to the European market to support long-term sustainable growth.

In late 2023, ACWA signed massive framework agreements for green hydrogen projects in Egypt worth over $4 billion.