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Egypt signs MOUs to develop 5.2 GW of renewable electricity
- 3 days ago (2024-11-18)
- David Flin
At COP29 in Baku, Azerbaijan, Egypt has signed two MOUs to develop 5.2 GW of renewable energy capacity in the country.
EP Shanghai 2024
The first agreement was signed between Egypt’s Ministry of Electricity and a consortium of the UAE’s TAQA and France’s Voltalia for the development of a 3.2 GW renewable energy project that will include 2.1 GW of solar and 1.1 GW of wind power capacity. The project will be located 130 km southeast of Cairo, and could be commissioned by 2028.
The second agreement was between the Egyptian Electricity Transmission Company (EETC), the New and Renewable Energy Authority (NREA), and Alcazar Energy Partners , a Dubai-based renewable developer, to start studies and assessments for a wind project with a total capacity of 2 GW.
Renewables accounted for about 11 per cent of Egypt’s installed capacity and its power generation at the end of 2023. In October 2024, the Egyptian Ministry of Petroleum and Mineral Resources announced a revision of Egypt’s renewables targets, lowering its target for the share of renewables in its energy mix from 58 per cent to 40 per cent by 2040.