April 16, 2024: Egypt has announced plans to execute two solar energy projects with a combined investment value of USD 21.64 million, facilitated by a grant from the European Union's "Support for Energy Policy Reform" program.

The first project entails the construction of a 10-megawatt solar power generation station at the Assiut Oil Refining Company, with Enppi and Petrojet, leading subsidiaries of the petroleum sector, entrusted with project implementation. Valued at USD 11.34 million, the endeavor is slated for completion within 11 months.

Meanwhile, the second solar energy venture, located at the General Petroleum Company, aims to produce 6.5 megawatts of electricity, requiring an investment of USD 10.31 million. These initiatives align closely with the Ministry of Petroleum and Mineral Resources' strategic vision for energy transformation and emissions reduction.

These projects hold significant importance in providing alternative and sustainable energy sources, alleviating strain on the national electricity grid, and meeting escalating domestic and industrial power demands. Additionally, they promise substantial savings on petroleum fuel consumption for power generation.

The implementation of these solar power initiatives represents a pivotal advancement in Egypt's commitment to a greener and more sustainable energy landscape. Leveraging the nation's abundant solar resources, Egypt endeavors to diversify its energy portfolio, diminish carbon emissions, and progress towards an environmentally friendly future.

Furthermore, the Egyptian government has accelerated its target of achieving 42% of its power generation from renewables by 2030, a milestone previously slated for 2035. This proactive approach underscores Egypt's commitment to positioning itself as a key player in the renewable energy sector.

However, Egypt faces stiff competition from neighboring countries in North Africa and the Middle East also vying to establish themselves as renewable energy hubs. Despite this competition, Egypt's favorable geographic conditions and ambitious renewable energy targets position it as a compelling investment destination in the global renewable energy market.