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China-Africa Trade Information Service
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China-Africa Trade Information Service
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The New and Renewable Energy Authority (NREA), Egyptian Electricity Holding Company (EEHC), and China Electric Power Equipment and Technology (CET) have entered into a new collaboration by signing a memorandum of understanding (MoU) to initiate preliminary studies and measurements for the development of a 10 GW solar energy project.
The project is part of Egypt's Green Corridor Initiative, and upon its completion, it is expected to save approximately $1 billion annually by reducing natural gas costs. The main objective of this MoU is to promote the use of renewable energy and decrease reliance on fossil fuels, aligning with Egypt's plan for sustainable development.
The signing ceremony was attended by Prime Minister, Mostafa Madbouly, and Minister of Electricity and Renewable Energy, Mohamed Shaker. This agreement falls within the framework of Egypt's energy strategy and the Ministry of Electricity's plan to increase the share of renewable energy sources in the country's energy mix.
Minister Shaker emphasized Egypt's goal to achieve a 42 percent contribution from renewable energy sources in the energy mix by 2030, as well as the integration of Egypt's National Climate Change Strategy 2050 to address the challenges posed by climate change.
Recently in October, President Abdel Fattah El-Sisi has been monitoring the government's efforts to establish Egypt as a global hub for the low-carbon hydrogen economy.
The Presidency's Spokesman, Counselor Ahmed Fahmy, stated that discussions have involved exploring various hydrogen production scenarios, evaluating action plans for the next phase in both executive and legislative realms, and formulating measures to enhance Egypt's capacities in this sector.
