A new agreement signed between the Chinese group and Egyptian government officials is part of the country’s Green Corridor Initiative that aims to increase the use of renewable energy. The solar project is expected to save more than $1 billion in annual natural gas costs.
Image: Egyptian Cabinet
China Electric Power Equipment and Technology Co. has signed a memorandum of understanding (MOU) with the Egyptian government to develop a 10 GW solar energy project, according to the Egyptian government.
The MOU, which was also signed by Egypt''s New and Renewable Energy Authority and Egyptian Electricity Holding Co., paves the way for preliminary studies to develop the project. It is expected to produce about 29,784 GWhj of electricity per year, helping to reduce around 14 million tons of carbon dioxide emissions and annually saving more than $1 billion in natural gas costs.
The project is part of Egypt''s broader “Green Corridor Initiative,” which aims to increase the use of renewable energy and reduce dependence on fossil fuels as part of the country''s efforts for sustainable development.
"This project aligns with Egypt''s goals to increase the participation of renewable energy sources in the energy mix to 42% by 2030 and the National Climate Strategy 2050," said Minister of Electricity Mohamed Shaker.
The project strengthens the historical ties between Egypt and China and confirms the ability of Egypt''s renewable energy sector to attract foreign direct investments, said Shaker.
In November, Egypt''s Suez Canal Economic Zone (SCZONE) signed agreements with Chinese partners to invest $15.6 billion in 11 manufacturing and green hydrogen projects.
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Bridging the Political Divide Between Natural Gas and Renewables
The differing views between Europe and many emerging market nations over how to combat climate change sharpened into a bitter divide at the 2021 U.N. Climate Change Conference (COP26) held in Glasgow, U.K. — the most significant Climate Change Conference since the 2015 COP21 in Paris that produced the "Paris Agreement," in which the parties agreed to implement measures to reduce global warming to 1.5 degrees. The two-week COP26 Glasgow conference concluded on Nov. 12, 2021 and closed the "Paris rulebook," resolving the outstanding elements of the 2015 Paris Agreement, and it did so in a manner that discouraged natural gas infrastructure investments worldwide.
The April 10 EU-Egypt agreement on LNG and green hydrogen resulted from these circumstances. Seeking to strike a new balance between promoting the development of renewable energy and procuring reliable and affordable supplies of LNG, the EU turned to Egypt, which has pioneered a synergy between LNG and renewable energy development.
Egypt''s Synergy Between Natural Gas and Renewable Energy Development
Egypt''s surplus electricity, in turn, prompted the development of electricity interconnections to Europe, the Middle East, and sub-Saharan Africa. While initially most of the electricity exports sold via the interconnections will be generated from natural gas, commonly referred to as "gas-by-wire," these interconnections are sparking further investment in renewable energy development, having established the transmission infrastructure for an electricity export market. Given its strategic location in the eastern Mediterranean, Egypt is positioned for the long term to play an important role in servicing electricity markets on three continents.
By June 2019, with only about half of Benban''s capacity operational, Egypt''s total installed capacity stood at 58.4 GW, according to the Egyptian Electric Holding Company (EEHC). In November 2019, Egypt''s largest wind power generation complex, the 262.5-MW Ras Ghareb wind farm near the Gulf of Suez, also came online. The wind power facility generates enough electricity to supply 500,000 households. The electricity produced by the Benban solar park and the Ras Ghareb wind farm themselves are equivalent to around 16% of Egypt''s surplus capacity. By 2020, Egypt had reversed its 6-GW electricity generation capacity deficit and turned it into a surplus of 13 GW.
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