Toyota unit plans $1.5bn spend in Egypt’s energy
CAIRO, April 8, 2015
Toyota Tsusho, the trading arm of the Toyota Group, plans to invest $1.5 billion in two projects in Egypt in the sustainable energy sector and Mediterranean natural gas exploration, a report said.
The announcement came during a meeting between Egypt’s Ambassador to Japan Ismail Khairat and leaders of Toyota Tsusho, added the Daily News Egypt report.
Toyota Tsusho will invest in the new and renewable energy sector after the issuance of the feed-in tariffs, Khairat was quoted as saying in the report.
Egypt had introduced the feed-in tariffs last year that encourage investment by offering long-term contracts to renewable energy producers based on the production cost of the technology, the report highlighted.