Egypt plans a green energy initiative to construct two solar power stations. The European Union (EU) will provide the $20.60 million (1 billion Egyptian pound) investment.
The first project, valued at 550 million Egyptian pounds, will be situated at the Assiut Oil Refining Company, boasting a capacity of 10 megawatts. According to the petroleum ministry’s statement, it is slated for completion within 11 months.
Another venture set to generate electricity from solar energy is in the works at the Egyptian General Petroleum Corporation (EGPC). This project will have a capacity of 6.5 megawatts and carry an investment cost of 500 million Egyptian pounds ($10.42 million).
The financing for these ambitious endeavours will be facilitated through an EU grant. Egypt’s advantageous geographic location, which is characterised by high levels of solar radiation and extensive desert regions, highlights the country’s exceptional potential for developing renewable energy.
Egypt has accelerated its renewable energy targets in alignment with global sustainability efforts. It aims to achieve 42% of its power generation from renewables by 2030, five years ahead of the initially proposed timeline of 2035. Despite its aspirations to position itself as a renewable energy hub, Egypt faces stiff competition from neighbouring North African and Middle Eastern countries.
