Egypt's New and Renewable Energy Authority, the Egyptian Electricity Holding Company, and the China Electric Power Equipment & Technology have signed a memorandum of understanding (MoU) to develop a 10 GW solar energy project in Egypt, aiming to boost renewable energy capacity and reduce reliance on fossil fuels in the country. The companies will thus start conducting preliminary studies and measurements for the project.
The project, once completed, will be able to generate nearly 30 TWh/year of electricity and will allow a reduction in emissions amounting to 14 MtCO2. The solar project, part of Egypt's Green Corridor initiative dedicated to renewable energy projects, will also save US$1bn in annual costs of natural gas upon completion.
In 2022, solar represented about 3% of Egypt’s installed capacity with 1.7 GW and 2.5% of its power generation with 5.4 TWh. The country currently has nearly 13 GW of solar capacity under construction or development.
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