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Chinese Company Eyeing 10 GW Solar Capacity In Egypt

2024-01-09
In a significant step towards renewable energy adoption, the Egyptian government has inked a deal with a Chinese company to develop a 10 GW solar energy project. The project is anticipated to yield substantial economic benefits, with expectations of saving over $1 billion annually in natural gas costs. This initiative marks a major milestone in Egypt's journey towards sustainable energy solutions.

 

The Egyptian government has formalized a partnership with China Electric Power Equipment and Technology Co., solidifying this collaboration through a memorandum of understanding (MOU) for a groundbreaking 10 GW solar energy project. The MOU, which also involves Egypt's New and Renewable Energy Authority and Egyptian Electricity Holding Co., sets the stage for preliminary studies to advance this ambitious project.

 

This solar energy initiative is projected to generate approximately 29,784 GWh of electricity annually, contributing significantly to environmental efforts by reducing around 14 million tons of carbon dioxide emissions each year. Additionally, it is expected to result in more than $1 billion in annual savings on natural gas expenses.

 

This project is a key element of Egypt's "Green Corridor Initiative," reflecting the country's commitment to boosting renewable energy use and diminishing reliance on fossil fuels in pursuit of sustainable development. Egyptian Minister of Electricity Mohamed Shaker underscored the project's alignment with national objectives, including increasing renewable energy's share in the energy mix to 42% by 2030 and fulfilling the National Climate Strategy 2050.

 

Minister Shaker also highlighted the project's role in strengthening the historical relationship between Egypt and China and its significance in demonstrating the Egyptian renewable energy sector's potential to attract substantial foreign direct investments. This initiative follows the signing of agreements in November for Chinese investment in various manufacturing and green hydrogen projects within Egypt’s Suez Canal Economic Zone (SCZONE), amounting to $15.6 billion.

 

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