Egypt’s New Energy Plans to Increase Renewable Energy Capacity by 55 GW

Egypt will soon become a significant global energy hub, according to the country’s senior authority in the field. The nation inked numerous projects in November that would increase its current solar and wind power generation by over 55 GW.

Mohammed Al-Khayyat, the Chairman of the New and Renewable Energy Authority, reported that during the COP27 conference in Sharm El-Sheikh last month (Nov 2022), the most populous Arab country signed 16 agreements with international and regional companies to produce green hydrogen, as well as other agreements for solar and wind projects.

According to Khayyat, such contracts would open the door for a bright future for Egypt’s renewable energy sector.

According to him, renewable energy projects were possible in Egypt due to its geographic location, high wind speed, and high sunshine percentages, which would also draw more investment.

At the COP27 summit, he claimed that Egypt had inked 16 agreements with regional, national, and international consortia in addition to local partners. Nine additional framework agreements were also present.

These initiatives will generate around 12,000 MW during the testing phase and 55,000 MW in the initial stages. As a result, the nation will become a significant generator of renewable energy.

Earlier, AMEA Power, a Dubai-based developer, owner, and operator of renewable generation assets closed the financing of 1 GW of renewable energy projects. The projects, which are to come up in Egypt, entail a 500 MW solar PV plant and a 500 MW wind farm. The US$1.1 billion investment for the project has been provided by the International Finance Corporation (IFC), the Dutch Entrepreneurial Development Bank, and the Japan International Cooperation Agency.