Egypt, Chinese company sign MOU to develop 10 GW solar energy project

Ahram Online , Wednesday 27 Dec 2023

The Egyptian government has signed a memorandum of understanding (MOU) with the China Electric Power Equipment and Technology Company to develop a 10-gigawatt solar energy project, according to a Cabinet statement on Wednesday.

The signing ceremony.
The signing ceremony.


The signing ceremony was attended by Egypt’s Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mohamed Shaker, and several prominent figures.

The MOU is part of Egypt’s broader plan to increase the use of renewable energy and reduce dependence on fossil fuels to implement its plan for sustainable development.

This project is expected to produce about 29,784 gigawatt-hours of clean energy annually, which would help reduce around 14 million tons of carbon dioxide emissions.

Upon completion, the solar energy project is expected to save over $ 1 billion annually in natural gas costs.

For his part, Minister of Electricity Mohamed Shaker delivered a speech at the event in which he said that Egypt is keen on making maximum use of new and renewable energy resources and encouraging the foreign and local private sectors to invest in this field.

“This project aligns with Egypt’s goals to increase the participation of renewable energy sources in the energy mix to 42 percent by 2030 and the National Climate Strategy 2050,” he added.

Shaker further stressed that the project strengthens the historical ties between Egypt and China and showcases Egypt's ability to attract foreign direct investments (FDI) in the renewable energy sector.

In November, Egypt’s Suez Canal Economic Zone (SCZONE) signed agreements with Chinese partners to invest $15.6 billion to establish 11 manufacturing and green hydrogen projects on 4.9 million square metres.

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