Egypt’s Ministry of Planning stated that the country has allocated E£136.3 billion ($2.8 billion) to the electricity and renewable energy sector in its 2025-26 development plan. The country’s budget for the power sector has nearly doubled from E£72.6 billion (~$1.49 billion) last year. The fund allocation follows the financial closure of Scatec’s $600 million solar power project and $1 billion wind project in June. Quick on the heels of the Scatec investment, Engie completed the 650 MW Red Sea Wind project ahead of schedule.