(MENAFN) The Egyptian Ministry of Petroleum and Mineral Resources has initiated the construction of two solar energy stations with a combined investment of one billion Egyptian pounds (USD20.30 million), facilitated by funding from the European Union. In a recent announcement, the Ministry revealed plans for the development of these stations, marking a significant step towards harnessing renewable energy sources in the country.
The first project entails the establishment of an electric power station utilizing solar cells, boasting a capacity of 10 megawatts. This initiative, estimated at a cost of 550 million Egyptian pounds, is slated for completion within 11 months at the Assiut Oil Refining Company. Concurrently, the petroleum sector is spearheading a similar endeavor in collaboration with the Egyptian General Petroleum Corporation. This venture aims to produce 6.5 megawatts of electricity through solar energy, with an investment outlay of 500 million pounds (USD10.42 million).
Funding for both projects is secured through a grant provided by the European Union under the “Support to Energy Policy Reform” program. These developments underscore Egypt's commitment to transitioning towards sustainable energy solutions, leveraging its abundant solar radiation and expansive desert landscapes to unlock the vast potential of renewable resources.
In light of these advancements, the Egyptian government has expedited its timeline for achieving renewable energy targets. Originally set for 2035, the goal of meeting 42 percent of the nation's energy needs from renewable sources has now been brought forward to 2030. This strategic adjustment reflects Egypt's proactive stance in embracing clean energy initiatives, positioning the country as a frontrunner in the global shift towards a more sustainable future.
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