Egypt signs $1.8 billion worth of renewable energy agreements
Egypt has inked agreements totaling $1.8 billion for renewable energy, according to a Sunday official TV report.
Contracts with China’s Sungrow (300274) and the Norwegian renewable energy company Scatec were among the agreements.SZ), a new tab opens.
By 2030, Egypt wants to generate 42% of its electricity from renewable sources, but officials warn that this aim may be jeopardized in the absence of additional foreign assistance.
According to an Egyptian cabinet announcement, Scatec would build a solar energy plant in Minya, Upper Egypt, to produce electricity and energy storage facilities as the first project.
A total of four gigawatt hours of battery storage devices would support its 1.7 gigawatt generation capacity.
The second project is a facility in Sungrow that will produce energy storage batteries in the Suez Canal Economic Zone. According to the cabinet, the first project would receive a portion of the factory’s output.
According to a statement from the Norwegian business, Scatec signed a contract for a total capacity of 1.95 gigawatts and 3.9 gigawatt hours of battery storage systems as part of the power purchase agreements.
