Intro Sustainable Resources, Siemens Energy to establish 300MW CHP plant in Egypt

CAIRO – 23 October 2023: Intro Sustainable Resources signed strategic cooperation protocol with Siemens Energy is to implement and install a series of combined heat and power (CHP) plants across Egypt.

Under the agreement, the combined capacity of the CHP plants is set to reach 300 megawatts by the year 2030. These facilities will utilize natural gas as their primary fuel source, aligning with Egypt's commitment to reducing carbon emissions and combating climate change through the adoption of clean and reliable energy solutions.

Through the partnership, Intro Sustainable Resources will be providing financing and comprehensive development support for the CHP plants. On the other hand, Siemens Energy will leverage its technical expertise to conduct thorough studies and supply the plants with turbines and other essential equipment.

Egypt's vision to expand its reliance on renewable energy sources, such as solar and wind power, is well underway. The government has set an ambitious target of producing 40% of the country's electricity needs from renewable sources by 2030.

Earlier this month, Tarek El Molla, the Minister of Petroleum and Mineral Resources, announced that targeted investments in the petroleum sector have surpassed initial expectations. Investments are projected to increase from the previously estimated range of $7.7 to $8 billion to a remarkable $8.5 to $9 billion by the end of the current fiscal year 2023/2024.