Renewable Energy
The projects, with a total investment of $700 million, are expected to significantly contribute to Egypt’s renewable energy goals.
One of the approved projects involves expanding the Abydos Solar Energy project, which is currently in progress with a capacity of 500 megawatts. Upon completion, an additional 500 megawatts of solar power capacity will be added.
The Prime Minister emphasized a strong conviction that Egypt's energy future hinges on new and renewable sources. He underscored the importance of exploring avenues to integrate substantial amounts of such energy into the electrical grid and coordinating efforts to localize industries linked to renewable energy technologies, including solar panels and wind energy.
Egypt's Ambassador to Japan, Mohamed Abu Bakr, confirmed that the Egyptian economy is taking steady and rapid steps on the path to adapting to the pressures imposed by global crises.
The Egyptian government is seeking to diversify the energy mix through a set of policies.
A green hydrogen project, to be established in Gargoub, west of Matrouh, will require a total investment of €24 billion.
Since 2018, the government has been implementing projects in relevant sectors with the aim of achieving that goal.
This project is part of the memorandum of understanding signed during COP27 in Sharm El Sheikh in November 2022 between the alliance, the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority.
The solar energy project will be implemented in two phases and has already secured a cooperation agreement with the Ministry of Electricity. Funding for the project will be sourced from renowned international financial institutions.
Egyptian Minister of Electricity Mohamed Shaker discussed in a meeting Tuesday with Minister of Enterprises and Made in Italy Adolfo Urso means of boosting cooperation in the fields of renewable energy and green transition.
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
This budget will be divided, with approximately LE 4 billion allocated for current expenses and around LE 3.7 billion designated for investments in renewable energy projects.
The index data attributed this advanced ranking to the fact that Egypt has taken measures to invest in large-scale renewable energy projects, such as encouraging the installation of solar and wind energy.
As part of Egypt's strategy to promote the transition towards a green economy, expand the utilization of new and renewable energies, and diversify energy sources for industrial electricity production, the recent collaboration between the Ministry of Public Business Sector and the Norwegian company SCATEC marks a significant milestone.
The project will involve investments worth $2 billion, according to a statement from SK Ecoplant. The companies aim to have the project fully operational by 2029
El Molla outlined Egypt's revised goals for national emissions reduction contributions, aiming to expand the country’s use of green energy and achieve a 42% integration of renewable energy into the energy mix by 2035
Madbouly said more than 1,000 private sector companies that take part in national programs which will help improve the Egyptian economy on all levels
The meeting, co-chaired by High Representative Josep Borrell and Egyptian Foreign Minister Sameh Shoukry, focused on the success of the Economic and Investment Plan, which aims to mobilize €9 billion in investments for critical areas such as food, water, and energy
During the meeting, Kazbekov expressed the NDB's keenness to expand investments in Egypt and foster closer collaboration between the bank and the electricity sector
The implementation of the project will take place within privately operated free zones and will be executed over two phases
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