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Egypt to build 2 solar power stations with $20.6 million in EU funding

Projects signal Egypt's commitment to renewable energy expansion and economic development.
16.04.24 | Source: economy middle east

Egypt’s Ministry of Petroleum and Mineral Resources recently revealed its plans to build two solar power stations worth EGP1 billion ($20.60 million), financed by the European Union (EU). The projects mark a significant step towards harnessing the country’s renewable energy sources. Moreover, they underscore Egypt’s ambition to become a renewable energy hub while addressing its energy needs and contributing to global sustainability goals.

The first solar power project at Egypt’s Assiut Oil Refining Company has a value of EGP550 million. The project aims to have a capacity of 10 megawatts. Egypt expects the project’s completion in the next 11 months.

The second solar power project at the Egyptian General Petroleum Corporation (EGPC) will have a capacity of 6.5 megawatts. This project also requires EGP550 million in investments. The EU will be financing both projects through a grant.

The country’s abundant solar irradiation and vast desert landscapes offer immense renewable energy potential. This positions Egypt as a prime candidate for solar power development.