55GW! Egypt opens the door to new energy
Dec 28, 2022
Egypt will soon become a major global energy hub, according to the country's senior executive in this field. Egypt signed a number of projects in November, adding more than 55GW to its current solar and wind power capacity.
During the COP27 conference in Sharm El-Sheikh, the most populous Arab country signed 16 agreements with multinational and regional companies for green hydrogen production and other solar and wind energy projects, said Mohammed Al-Khayyat, chairman of the New and Renewable Energy Authority.
Khayyat said the contracts will open the door to a bright future for Egypt's renewable energy sector.
According to Al-Khayyat, renewable energy projects are possible in Egypt due to its geographical location, high wind speed and high sunshine ratio, which will also attract more investments.
At the COP27 conference, Egypt signed 16 agreements with regional, national and international consortia, in addition to local partners, and nine additional framework agreements.
These will generate around 12,000MW in the test phase and 55,000MW of electricity in the initial phase. Egypt will thus become a significant generator of renewable energy.
Earlier, AMEA Power, the developer, owner and operator of renewable energy projects in Dubai, completed the financing of 1GW of renewable energy projects. The projects will be built in Egypt and include a 500MW solar PV plant and a 500MW wind plant.
The US$1.1 billion investment in the projects was provided by the International Finance Corporation (IFC), the Netherlands Enterprise Development Bank and the Japan International Cooperation Agency.
