China Electric Power to Power 10-GW Solar in Egypt

• Egypt and China have signed an MoU to develop a massive 10GW solar project, promising 29,784GWh of clean energy and a transformative USD1bn savings in natural gas expenses. This will support Egypt's Green Corridor Initiative, helping it reach 42% renewables by 2030.

China Electric Power Equipment and Technology and Egypt have signed a memorandum of understanding to explore the development of a 10-GW solar project in Egypt. The project is expected to produce about 29,784 GWh of clean energy annually, and reduce about 14 million tons of carbon dioxide emissions. The initiative is part of Egypt's Green Corridor Initiative and supports the country's strategy to reach 42% of renewables in its power mix by 2030. The project is forecast to save an estimated USD 1 billion (EUR 907m) annually in natural gas expenses. The signing was attended by Egypt's Prime Minister Mostafa Madbouly and the Minister of Electricity and Renewable Energy Mohamed Shaker.

What Benefits Does Egypt's 10-GW Solar Project Bring?

• The project is expected to create thousands of jobs in the region during the construction and operational phases.
• Egypt's 10-GW solar project will produce enough energy to power over 8 million households.
• The project will create and promote international economic cooperation between China and Egypt.
• It is estimated that the project will bring in approximately USD 2 billion in foreign direct investment to Egypt.
• The project will help Egypt meet its Paris Agreement commitment to reduce greenhouse gas emissions.
• The project will help reduce the country's dependence on imported resources, such as natural gas, resulting in greater energy security.
• The project will also provide a boost to the local economy, as increased economic activity is expected to result in an increase in tax revenue for the government.