Renewable Energy
The agreement aims to study a groundbreaking 3.2 GW hybrid renewable energy project combining wind and solar power in the Suez Governorate to repower the Zafarana wind farm.
These agreements bring together the Egyptian Electricity Transmission Company (EETC), the New and Renewable Energy Authority (NREA), and Alcazar to initiate studies for a 2 GW wind power project.
Representing Egyptian President Abdel Fattah al-Sisi, Madbouly participated in a roundtable on energy and climate change mitigation, emphasizing Egypt’s target of 42% renewable energy in its energy mix by 2030.
During the opening session of the Mediterranean Energy Conference 2024, Badawi stressed the importance of collaboration in the energy sector, calling for increased exploration and investment to tap into Egypt's vast natural gas reserves
Egyptian Minister of Electricity and Renewable Energy Dr. Mahmoud Esmat, received at the ministry's headquarters in the New Administrative Capital, the Greek Minister of Environment and Energy Theodoros Skylakakis, and his accompanying delegation.
Ambassador of the Republic of Korea to Egypt, Kim Yonghyon, met with H.E. Mahmoud Esmat, Egypt's Minister of Electricity and Renewable Energy, to discuss ways to enhance bilateral cooperation in the electricity and renewable energy sectors.
Top Egyptian officials and international leaders meet to explore key investment opportunities and economic collaboration.
The discussions delved into projects geared towards diminishing reliance on imported liquefied gas to curtail the import expenditure. Additionally, Globeleq articulated its interest in proposing ventures for sustainable transportation utilizing clean energy solutions in Egypt.
All necessary studies for the project have been finalized. The signing of the final contracts is anticipated by the close of 2024 to pave the way for project commencement.
These stations, with a combined capacity of around 1,000 megawatts, will be set up in Upper Egypt, notably in the Aswan Governorate.
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 combined efforts are geared towards meeting the growing demand for electricity and facilitating the operation of additional capacities by the upcoming summer.
The approval was granted during a Cabinet meeting presided over by Prime Minister Mostafa Madbouly.
At a meeting with Clary’s delegation at the ministry's headquarters in Al Alamein City, Esmat praised the fruitful partnership between the electricity ministry and the EIB, which has already bolstered Egypt's electricity sector
The investments in these initiatives are projected to reach $2.5 billion, attributing to the advanced technologies employed.
Egypt's Vision 2030 aims to ensure that the energy sector is able to meet all development needs for energy resources and maximize the efficient use of its various sources (traditional and renewable), which leads to an effective contribution to driving the economy and preserving the environment.
Esmat emphasized that the existing combined capacity from wind and solar energy stands at approximately 4.6 gigawatts, while hydroelectric energy capacity currently reaches 2,832 megawatts.
The projects, with a total investment of $700 million, are expected to significantly contribute to Egypt’s renewable energy goals.
One of the approved projects involves expanding the Abydos Solar Energy project, which is currently in progress with a capacity of 500 megawatts. Upon completion, an additional 500 megawatts of solar power capacity will be added.
The Prime Minister emphasized a strong conviction that Egypt's energy future hinges on new and renewable sources. He underscored the importance of exploring avenues to integrate substantial amounts of such energy into the electrical grid and coordinating efforts to localize industries linked to renewable energy technologies, including solar panels and wind energy.
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