Through the MoU, they will prepare a technical, economic, and financial feasibility study for establishing a 2,000-megawatt pumping and storage station with a BOO system
Minister of Electricity and Renewable Energy, Mohamed Shaker, and Chairman of the Chinese Energy China Group, signed a memorandum of understanding (MoU) to prepare a technical, economic and financial feasibility study for establishing a 2,000-megawatt pumping and storage station with a build own and operate (BOO) system.
The Chairman of the Energy China Group expressed his company's desire to invest in Egypt in the fields of renewable energy, electricity and environment.
This comes in line with Egypt’s electricity and renewable energy sector aims to diversify sources of electrical energy production and benefit from Egypt's natural resources, especially new and renewable energy sources.
Egypt has a goal to increase the contribution of renewable energy's in Egypt’s energy mix to more than 42% by 2030.
Recently, the Ministry of International Cooperation reported that within the framework of Egypt's Country Platform for the Nexus of Water, Food and Energy (NWFE), Egypt will implement renewable energy projects with a total capacity of 10 gigawatts and investments of $10 billion within 5 years. This will replace 10 thermal power plants with a capacity of 5 gigawatts.
