Egypt plans 2-GW pumped storage power project

Egypt is taking a substantial leap towards strengthening its energy sector. The country is planning to construct a gargantuan 2-GW pumped-hydro power plant and has already signed a pact with China Energy for a detailed feasibility study on the project. This was officially declared with the signing of a memorandum of understanding with the Chinese group. This group is now tasked with laying out the technical, economic, and financial feasibility study for the project, a task assigned by Egypt's Ministry of Electricity and Renewable Energy. This significant event was attended by electricity minister Mohamed Shaker. The project, if it receives the final approval post the feasibility study, will be implemented under the build-own-operate BOO model. Discussions between the Chinese group and Shaker revealed the group's keen interest in investing in renewable energy in Egypt. The company expressed its wish to take part in electrical interconnection projects with nearby countries. Additionally, the company demonstrated significant interest in investing in initiatives related to smart grids and green energy in the North African nation. This monumental plan, if executed, ramps up Egypt's positioning in the global renewable energy landscape. It not only fortifies the country's power supply with renewable energy but also invites global investment, fostering economic growth.