Israel is taking advantage of Egypt’s aspirations for renewable energy in an effort to strengthen diplomatic ties between the two nations. A joint venture to execute significant projects in Egypt was announced by Tel Aviv Investment Exchange-listed business Enlight Renewable Energy and Israeli natural gas generator NewMed Energy. The plan calls for investment in a variety of renewable energy projects, particularly in the fields of solar and wind energy, energy storage, and other renewable energy industries.
In addition to working with Egyptian contractors, the two businesses will be engaged in the plan’s introduction, development, funding, construction, and operation.
In a statement, Gilad Yavitz, CEO of Enlight Renewable Energy, stated that he was looking to take advantage of energy projects, which he views as a significant potential in the area, particularly in Egypt, which has lately expanded its natural gas sector to become a regional center.
Yavitz noted that in addition to Egypt, the strategy would also focus on Saudi Arabia, Morocco, Bahrain, the Sultanate of Oman, and Jordan in addition to the United Arab Emirates (UAE) and Egypt.
According to Egypt’s Enterprise media site, NewMed Energy is not a new player in the country because, prior to changing its name from Delek Drilling, it was a key player in Egypt’s plans to establish itself as a natural gas hub in the eastern Mediterranean. This led to a recent partnership between Egypt and Israel to boost gas exports to Europe.