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Egypt Invests $20 Million in Solar Energy Projects with EU Funding

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louis Buyisiwe

Apr 15, 2024

These developments are part of Egypt’s broader strategy to boost its renewable energy output

The first project, costing 550 million Egyptian pounds ($11.46 million), will be situated at the Assiut Oil Refining Company. This facility is designed to generate 10 megawatts of power and is expected to be operational within 11 months. The second initiative, located at the Egyptian General Petroleum Corporation (EGPC), will produce 6.5 megawatts from a 500 million Egyptian pound ($10.42 million) investment. Both ventures are part of a strategic effort to harness Egypt’s high solar irradiation levels and vast desert landscapes, making them ideal for solar energy production

In a significant move towards renewable energy, Egypt announced plans to establish two solar power stations, collectively valued at 1 billion Egyptian pounds (approximately $20.60 million). The projects, which are to be financed by the European Union, underscore Egypt’s commitment to increasing its renewable energy capacity.


The first project, costing 550 million Egyptian pounds ($11.46 million), will be situated at the Assiut Oil Refining Company.

This facility is designed to generate 10 megawatts of power and is expected to be operational within 11 months. The second initiative, located at the Egyptian General Petroleum Corporation (EGPC), will produce 6.5 megawatts from a 500 million Egyptian pound ($10.42 million) investment. Both ventures are part of a strategic effort to harness Egypt’s high solar irradiation levels and vast desert landscapes, making them ideal for solar energy production.


These developments are part of Egypt’s broader strategy to boost its renewable energy output. The government recently accelerated its renewable energy goals, aiming to produce 42% of its total power generation from renewable sources by 2030, advancing the timeline from the previously set goal of 2035.


As the North African nation works to become a renewable energy hub, it faces stiff competition from neighboring regions in North Africa and the Middle East. However, with continued investment and strategic partnerships, Egypt is poised to lead in the transition to sustainable energy sources.

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