Engie, a French energy company, is planning to set up two power plants – wind and solar – in Egypt, an investment worth $490m, according to the company’s Regional Director for North Africa, Amin Homan Lodi, Al Mal News reported.

Lodi told Al Mal News that the first $110m plant is due to be completed in 2017, while a $380m second plant is scheduled to be operational in 2018.

The announcement follows previous news according to which Engie had signed a cooperation agreement on developing renewable energies with Egypt’s National Renewable Energy Association and the Egyptian Electricity Transport Company during a visit by French President, Francois Hollande, in Cairo, Reuters informed.

Further, Lodi assured that his company eyes new plants for generating new and renewable energy in the Suez Canal province. Engie is already working with Orascom and Toyota Tsusho on a 250MW BOO wind project in the Gulf of Suez.

In addition, as SeeNews Renewables wrote, the company has also pre-qualified for wind, solar photovoltaic (PV), and concentrated solar power (CSP) build-own-operate (BOO) projects at the West of Nile complex.

These projects will help Egypt achieve its target of increasing the share of renewables in the energy mix to 20% by 2022.