Thursday, July 18, 2024

Egyptian Electric Company Responds to Chakwera’s Call for Clean Energy Investment

Minister of Energy ibrahim Matola and Ahmed Elsewedy signing the MoU


The coming in of an Egyptian international electrical business, Elsewedy Electric, which wants to build a 50 megawatt solar facility, has been hailed by Minister of Energy Ibrahim Matola as one way of supporting the country in improving its precarious electricity supply.

On Friday, the Egyptian company  signed a Memorandum of Understanding (MOU) with the Malawi Government to construct the plant which is worth about US$1 billion (K816 billion) and will be based in the northern part of Malawi.

Speaking during the signing ceremony in Lilongwe, Matola said the power plant will increase power generation to the country’s already strained hydro power plants.

Matola said the country’s power generation depends more on hydro power which has been affected by climate change.

“Government has plans of adding 1000 megawatts to the county’s grid by 2025 and this can only be achieved if companies like Elsewedy Electric assist us towards achieving the goal,” said Matola.

On his part, President and CEO of Elsewedy Electric, Ahmed Elsewedy said the signing of the MoU follows talks with President Lazarus Chakwera in November 2021 on the sidelines of the Intra-African Trade Fair (IATF) held in Durban, South Africa.

“Following the meeting with the Malawi President in Durban last year, we are here signing the MOU. This morning we also met the President and he made a proposal that we increase output from 50 to 100 megawatts and we have welcomed the request,” he explained.

In November 2021 the State President Lazarus McCarthy Chakwera attended the Intra-Africa trade fair in Durban South Africa where he had negotiations with the President and Chief Executive Officer of Elsewedy Electrical and signed the US$1 billion (K816 billion) deal.

President Lazarus Chakwera hosted the delegation from the Egyptian multinational electrical company at Kamuzu Palace in Lilongwe before the MoU signing event later in the afternoon at Bingu International Conference Centre.


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