CAIRO – 25 August 2024: Minister Mahmoud Esmat, overseeing the Ministry of Electricity and Renewable Energy, highlighted ongoing wind energy initiatives totaling 3,450 megawatts.
These endeavors encompass collaborations such as the Red Sea endeavor involving the Orascom-Engie-Toyota consortium, the Amont Al Nowais project, the ACWA Power initiative, and the Masdar undertaking.
Moreover, the Minister disclosed the implementation of solar energy projects amounting to 3,700 megawatts, including Abydos 1 and 2, SCATEC, and Masdar ventures.
These details were shared during a session of the Supreme Council of Energy presided over by Prime Minister Mostafa Madbouly.
Esmat emphasized discussions with solar energy project developers to integrate battery storage systems, optimizing energy utilization during peak periods.
Consequently, these talks led to the integration of battery storage systems totaling 2,840 megawatt-hours into the ongoing projects.
The Minister also underscored collaboration with the Ministry of Planning and Economic Development to secure funding for network reinforcement projects, facilitating the connection and offloading of renewable energy ventures by the summer of 2025.
Furthermore, efforts have been made to bolster private sector involvement in renewable energy investments.
Egypt has designated land to the New and Renewable Energy Authority for the establishment of renewable energy projects, including green hydrogen production initiatives.
Esmat elaborated on the incentives offered, which involve providing land for project setup in exchange for a 2 percent stake in annual electricity production.
Additionally, customs duties on components and spare parts for renewable energy systems have been reduced to 2 percent from 5 percent, while the value-added tax has been slashed to 5 percent from 14 percent.
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