- Egypt plans to Construct two solar power stations worth 1 billion Egyptian pounds.
- The two projects will be financed through an EU grant.
Egypt has revealed that it plans to Construct two solar power stations worth 1 billion Egyptian pounds ($20.60 million). The petroleum ministry said the European Union (EU) will finance the projects.
One of the projects, a 550 million Egyptian pound project at the Assiut Oil Refining Company with a capacity of 10 megawatts, is expected to be completed within 11 months.
Another project to produce electricity from solar energy is planned at the Egyptian General Petroleum Corporation (EGPC), with a capacity of 6.5 megawatts at an investment cost of 500 million Egyptian pounds ($10.42 million).
The two projects will be financed through an EU grant. Industry players noted that high levels of solar irradiation and expanses of the desert mean Egypt has vast renewable potential,
The government has set a goal of producing 42 per cent of its power from renewables by 2030, up from 2035. The North African nation is trying to position itself as a renewable energy hub but faces competition from other countries in North Africa and the Middle East.