A groundbreaking new agreement has been signed between a Chinese group and Egyptian government officials as part of the country’s Green Corridor Initiative, which is designed to significantly increase the use of renewable energy. This exciting solar project is projected to save over $1 billion in annual natural gas costs, demonstrating a major step forward in sustainable energy development.
December 28, 2023 Edgar Meza
Image: Egyptian Cabinet
In a major development, China Electric Power Equipment and Technology Co. has signed a memorandum of understanding (MOU) with the Egyptian government to undertake a 10 GW solar energy project, the Egyptian government confirmed.
This unprecedented agreement, also involving Egypt’s New and Renewable Energy Authority and Egyptian Electricity Holding Co., lays the groundwork for initial studies and development of the project. It is projected to generate about 29,784 GWhj of electricity annually, making a substantial contribution to reducing approximately 14 million tons of carbon dioxide emissions and saving over $1 billion in annual natural gas costs.
This project is a central component of Egypt’s overarching “Green Corridor Initiative,” designed to significantly increase the utilization of renewable energy and reduce dependency on fossil fuels, aligning with the country’s sustainable development objectives.
“This project is fully in line with Egypt’s objectives to raise the proportion of renewable energy sources in the energy mix to 42% by 2030 and the National Climate Strategy 2050,” commented Minister of Electricity Mohamed Shaker.
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Minister Shaker also stressed that the project enhances the deep-rooted ties between Egypt and China, underscoring Egypt’s capacity to attract foreign direct investments in the renewable energy sector.
In a related development, Egypt’s Suez Canal Economic Zone (SCZONE) recently inked agreements with Chinese partners for a $15.6 billion investment in 11 manufacturing and green hydrogen projects.
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