Egypt is set to construct two solar power stations valued at 1 billion Egyptian pounds ($20.60 million), funded by the European Union, as announced by the petroleum ministry on Monday.
One of the projects, costing 550 million Egyptian pounds, will be located at the Assiut Oil Refining Company and is expected to have a capacity of 10 megawatts. Construction is projected to be completed within 11 months, according to the ministry's statement. The second project, with an investment of 500 million Egyptian pounds, will generate electricity from solar energy at the Egyptian General Petroleum Corporation (EGPC) with a capacity of 6.5 megawatts.
Both projects will be financed through an EU grant, highlighting the collaborative efforts between Egypt and the EU to promote renewable energy initiatives.
Egypt boasts vast renewable energy potential, thanks to its high levels of solar irradiation and expansive desert areas, according to industry experts. To tap into this potential, the government has advanced its goal of sourcing 42% of its power generation from renewables to 2030, five years earlier than initially planned.
The North African nation is striving to establish itself as a renewable energy hub, although it faces stiff competition from other countries in North Africa and the Middle East also vying for a share of the renewable energy market.
