CAIRO – October 26, 2023: The Minister of Electricity and Renewable Energy, Mohamed Shaker, and the Chairman of the Chinese Energy China Group signed a memorandum of understanding (MoU) to conduct a feasibility study that encompasses technical, economic, and financial aspects.
The study aims to evaluate the feasibility of establishing a pumping and storage station with a capacity of 2,000 megawatts. The proposed station will be implemented using a build-own-operate (BOO) system.
This collaboration aligns with Egypt's goals in the electricity and renewable energy sector, which primarily involve diversifying the sources of energy production. By the year 2030, Egypt aims to increase the contribution of renewable energy sources to its overall energy mix to more than 42 percent.
The Chairman of the Energy China Group expressed their company's keen interest in investing in Egypt, specifically in the fields of renewable energy, electricity, and environmental initiatives.
Recently, the Ministry of International Cooperation announced Egypt's plans under the Country Platform for the Nexus of Water, Food, and Energy (NWFE).
As part of this framework, Egypt intends to implement renewable energy projects with a total capacity of 10 gigawatts, requiring investments amounting to $10 billion within a span of five years. This will result in the replacement of 10 thermal power plants, which currently generate 5 gigawatts of electricity.
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