FALCONPOWERS – The Egyptian Ministry of Petroleum and Mineral Resources announced that it has commenced the construction of two solar power stations with a cost of 1 billion Egyptian pounds ($20.30 million), funded by the European Union.
According to the ministry’s statement, the project to generate electricity using solar cells with a capacity of 10 megawatts is expected to be completed within 11 months at a cost of 550 million Egyptian pounds in the Asyut Petroleum Refining Company. The petroleum sector is currently working on a similar project in collaboration with the Egyptian General Petroleum Corporation to produce electricity from solar energy with a capacity of 6.5 megawatts and an investment cost of 500 million pounds ($10.42 million). These two projects will be financed through a grant provided by the European Union under the “Support to Energy Policy Reform” program.
Energy sector sources state that Egypt has immense potential in renewable energy due to high levels of solar radiation and vast desert areas.
The government has revised its target to produce 42% of its energy needs from renewable sources by 2030, instead of 2035.
Egypt aims to become a regional hub for renewable energy but faces competition from other countries in North Africa and the Middle East.
