Egypt to build 2 solar power stations with $20.6 million in EU funding – Economy Middle East

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Projects signal Egypt’s commitment to renewable energy expansion and economic development

Egypt’s Ministry of Petroleum and Mineral Resources recently revealed its plans to build two solar power stations worth EGP1 billion ($20.60 million), financed by the European Union (EU). The projects mark a significant step towards harnessing the country’s renewable energy sources. Moreover, they underscore Egypt’s ambition to become a renewable energy hub while addressing its energy needs and contributing to global sustainability goals.

The first solar power project at Egypt’s Assiut Oil Refining Company has a value of EGP550 million. The project aims to have a capacity of 10 megawatts. Egypt expects the project’s completion in the next 11 months.

The second solar power project at the Egyptian General Petroleum Corporation (EGPC) will have a capacity of 6.5 megawatts. This project also requires EGP550 million in investments. The EU will be financing both projects through a grant.

The country’s abundant solar irradiation and vast desert landscapes offer immense renewable energy potential. This positions Egypt as a prime candidate for solar power development.

The government has also recently accelerated its renewable energy agenda. It advanced the goal of generating 42 percent of its power from renewables by 2030, five years ahead of the initial target of 2035. This ambitious objective reflects Egypt’s commitment to sustainable energy solutions and reducing its reliance on traditional fossil fuels.

Read: Bain & Company on hitting sustainability goals, overcoming challenges and leveraging opportunities

As Egypt seeks to establish itself as a regional renewable energy hub, it faces competition from neighboring countries. Despite the competitive landscape, Egypt’s strategic geographical location and conducive environment for solar power development position it as a major player in the global renewable energy arena.

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