The project comes within the framework of Egypt's Green Corridor Initiative, and upon completion, the project will save an estimated $1 billion annually by decreasing annual natural gas costs
New and Renewable Energy Authority (NREA), Egyptian Electricity Holding Company (EEHC), China Electric Power Equipment and Technology (CET) joined a new cooperation by signing a memorandum of understanding (MoU) to begin conducting preliminary studies and measurements to develop a 10 GW solar energy project.
The project comes within the framework of Egypt's Green Corridor Initiative, and upon completion, the project will save an estimated $1 billion annually by decreasing annual natural gas costs.
The purpose of this MOU is to increase the use of renewable energy and reduce dependence on fossil fuels to implement its plan for sustainable development.
The signing ceremony was witnessed by Prime Minister, Mostafa Madbouly, Minister of Electricity and Renewable Energy, Mohamed Shaker.
This agreement came within the scope of implementing Egypt’s energy strategy and the plan of the Ministry of Electricity to increase the capacity of renewable energies in the energy mix.
Shaker pointed to Egypt’s goals to reach participation of renewable energy sources in the energy mix to 42% by 2030, in addition to integration with Egypt National Climate Change Strategy 2050 to ensure facing the challenges of climate change.
Recently in October, within the scope of leading Egypt to emerge as a hub for global low-carbon hydrogen economy, President Abdel Fattah El-Sisi followed up on the government's endeavors in executing the national strategy for green hydrogen, according to a statement by the Spokesman for the Presidency, Counselor Ahmed Fahmy.
The discussion encompassed an examination of various hydrogen production scenarios, evaluation of the action plan for the upcoming phase across both executive and legislative spheres, and the formulation of procedures to enhance Egypt’s capacities across this sector.
