Egypt is set to embark on the construction of two solar power stations valued at 1 billion Egyptian pounds ($20.60 million) as announced by the petroleum ministry on Monday.
According to the ministry’s statement, the first project, totaling 550 million ($11.33 million) Egyptian pounds, will be executed at the Assiut Oil Refining Company, boasting a capacity of 10 megawatts and slated for completion within 11 months.
Simultaneously, plans are underway for another solar energy project at the Egyptian General Petroleum Corporation (EGPC), with a capacity of 6.5 megawatts and an investment cost of 500 million Egyptian pounds ($10.42 million). Both endeavors will benefit from financial backing provided by an EU grant.
With Egypt’s abundance of solar irradiation and vast desert landscapes, the nation holds significant potential for renewable energy, according to industry experts. In alignment with this, the government has accelerated its target to derive 42% of its power generation from renewables by 2030, advancing the previous goal set for 2035.
