Egypt's New Energy Plans to Increase Renewable Energy Capacity by 55 GW
- Egypt will certainly soon become a significant worldwide energy hub, according to the nation's elderly authority in the field. The nation inked countless projects in November that would certainly increase its current solar and wind power generation by over 55 GW.
Egypt will certainly soon come to be a considerable worldwide energy hub, according to the country's elderly authority in the field. The nation inked many projects in November that would certainly increase its existing solar as well as wind power generation by over 55 GW.
Mohammed Al-Khayyat, the Chairman of the New and Renewable Energy Authority, reported that during the COP27 meeting in Sharm El-Sheikh last month (Nov 2022), one of the most heavily populated Arab nation signed 16 agreements with global as well as local firms to produce green hydrogen, as well as other agreements for solar and wind projects.
According to Khayyat, such contracts would certainly open the door for a bright future for Egypt's renewable energy sector.
According to him, renewable energy projects were possible in Egypt as a result of its geographic area, high wind speed, and high sunshine percentages, which would likewise attract more financial investment.
At the COP27 summit, he claimed that Egypt had tattooed 16 agreements with local, nationwide, and also global consortia in addition to regional partners. 9 extra framework agreements were also present.
These initiatives will certainly generate around 12,000 MW throughout the testing stage and also 55,000 MW in the first stages. Therefore, the country will end up being a substantial generator of renewable energy.
Previously, AMEA Power, a Dubai-based programmer, proprietor, as well as driver of renewable generation possessions closed the funding of 1 GW of renewable energy projects. The projects, which are ahead up in Egypt, entail a 500 MW solar PV plant and a 500 MW wind ranch. The US$ 1.1 billion investment for the project has actually been given by the International Finance Company (IFC), the Dutch Entrepreneurial Development Bank, and the Japan International Cooperation Agency.
