Cairo: The Egyptian government has unveiled plans to construct two solar power stations valued at 1 billion Egyptian pounds ($20.60 million), with financing secured from the European Union, announced the petroleum ministry on Monday.
One of the projects, estimated at 550 million Egyptian pounds, will be implemented at the Assiut Oil Refining Company and is set to have a capacity of 10 megawatts. Completion of this project is anticipated within 11 months, according to the ministry’s statement.
Additionally, a separate initiative is in the pipeline to generate electricity from solar energy at the Egyptian General Petroleum Corporation (EGPC), boasting a capacity of 6.5 megawatts. This project will require an investment of 500 million Egyptian pounds ($10.42 million).
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Both ventures will be funded through a grant from the European Union. With Egypt benefiting from high levels of solar irradiation and vast desert expanses, the country holds significant potential for renewable energy development, as noted by industry experts.
To expedite progress in this sector, the Egyptian government has advanced its target of achieving 42% of power generation from renewable sources by 2030, originally set for 2035. This strategic shift aligns with Egypt’s aspirations to establish itself as a regional hub for renewable energy. However, the nation faces stiff competition from neighboring countries in North Africa and the Middle East also vying for leadership in renewable energy initiatives.
