CAIRO – 15 April 2024: Egypt will implement two solar energy projects with a total investment cost of LE 1.05 billion. The funding for both projects will be provided through a grant from the European Union's "Support for Energy Policy Reform" program.
The first project involves the construction of a 10-megawatt solar power generation station at the Assiut Oil Refining Company. Enppi and Petrojet, two subsidiaries of the petroleum sector specializing in engineering designs, general contracting, and construction, have been assigned to undertake this venture. With an investment cost of LE 550 million, the project is expected to be completed within 11 months.
The second solar energy project is at the General Petroleum Company. This project aims to generate 6.5 megawatts of electricity and will incur an investment cost of LE 500 million. These initiatives align with the Ministry of Petroleum and Mineral Resources' strategy for energy transformation and emissions reduction.
The significance of these projects lies in their contribution to the availability of alternative and sustainable energy sources. By reducing the burden on the national electricity grid and addressing its increasing demands, Egypt aims to direct the generated power to meet a portion of the rising domestic and industrial electricity needs. Furthermore, the projects will result in significant savings on petroleum fuel consumption for power generation.
Implementing these solar power initiatives marks a crucial step forward in Egypt's pursuit of a greener and more sustainable energy sector. By leveraging the country's abundant solar resources, Egypt aims to diversify its energy mix, reduce carbon emissions, and move towards a cleaner and more environmentally friendly future.
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