Egypt to increase electrical capacity with two $700 million renewable energy projects
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Egypt’s Ministry of Electricity and Renewable Energy has unveiled plans to boost the country’s electrical capacity by 750 megawatts, with two renewable energy projects set to be completed by October 2024, Middle East Economy reported.
With a combined investment of $700 million, these projects will play a crucial role in advancing Egypt’s renewable energy and electrical capacity objectives.
Orascom Construction, Toyota, and Engie have joined forces to launch the first project: a 250-megawatt wind farm that will be connected to the national electricity grid once completed.
The second project is a 500-megawatt solar energy station. Emirati company Al Nowais will launch it in the Aswan Governorate’s Kom Ombo by October 2024.
Egypt’s ministry reported that the Kom Ombo project’s implementation progress has already surpassed 75%. Additionally, the government has committed to purchasing renewable energy from both projects.
Additionally, so far in 2024, Egypt has collaborated with several major partners.
Read more: Egypt’s wind megaproject of $10 billion to begin by 2026
In early May, Egypt inked agreements for two wind energy projects west of Sohag, with foreign direct investments (FDI) totalling nearly $9 billion. These projects aim to generate a combined wind power capacity of 8 gigawatts (GW).
In April, Egypt’s Ministry of Petroleum and Mineral Resources announced plans to construct two solar power stations valued at EGP 1 billion ($20.60 million), funded by investments from the European Union (EU).
In 2024, Egypt’s government accelerated its renewable energy agenda, aiming to generate 42% of its power from renewables by 2030.
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