EGYPT – Egypt’s Prime Minister Mostafa Madbouly has called for acceleration of renewable energy localization initiatives in Egypt.
In a recent meeting with Song Hailing, the Chairman of China Energy, the two leaders discussed accelerating the localization of renewable energy technologies in Egypt. This includes producing solar panels, storage batteries, and wind towers within the country.
Madbouly emphasized the Egyptian government’s commitment to providing the necessary incentives to ensure the success of these initiatives.
The move aligns with Egypt’s broader development strategy, which strongly focuses on renewable energy as a cornerstone of its future.
Egypt aims to integrate more than 50 gigawatts of renewable energy by 2030 and partnering with global energy leaders like China Energy is seen as key to achieving this target.
China Energy, which already has 12 ongoing projects in Egypt valued at US$2 billion, expressed its commitment to expanding operations there.
Hailing underscored the company’s intention to prioritize the establishment of new factories focused on green technologies, such as solar power, wind energy, and green ammonia production.
This reinforces Egypt’s ambitions to become a regional hub for solar and wind energy generation.
The collaboration between Egypt and China Energy is expected to significantly address the global energy crisis, promote sustainable economic development, and support Egypt’s energy transition goals.
It also positions Egypt as a critical player in the regional renewable energy market, leveraging its geographic and climatic advantages to produce clean energy for domestic use and export.
This meeting reflects Egypt’s increasing engagement with international partners in its renewable energy strategy, aiming to diversify its energy portfolio and reduce its reliance on fossil fuels, while also creating jobs and fostering local industry development.
With the backing of China Energy, the country’s renewable energy ambitions could see accelerated progress in the coming years, making it a potential leader in the North African and Middle Eastern renewable energy markets.
Recently, Egyptian Ministry of Electricity and Renewable Energy has greenlit a bid from the Abu Dhabi Future Energy Company (Masdar) to develop solar power plants with an investment exceeding US$900 million.
According to an official source from Asharq Business, the project will involve the construction of power plants with a combined capacity of approximately 1,000 megawatts in Upper Egypt, including Aswan.
Masdar will oversee and finance the project under the build, own, operate (BOO) model. At the same time, the Egyptian Electricity Transmission Company (EETC) has committed to purchasing the entire output for about 25 years.
The final contracts and energy purchase price agreements are currently under review, and the New and Renewable Energy Authority (NREA) and EETC are expected to sign them by October.
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