According to MENAFN news on October 17th: Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker announced that it plans to increase the proportion of roof solar panels renewable energy power generation to 60% by 2035.
This increase is part of the amendment to the National Energy Strategy proposed by the Ministry. In the coming period, this number will rise sharply from the previously expected 42%.
Shaker added that the new proposal will be submitted to Egypt's Supreme Energy Council for approval.
Shaker pointed out that Siemens power plants in Egypt have now reached an efficiency of 60.5%. This allows the country to save 1.3 billion US dollars in fuel consumption each year, making it possible to recover the cost of the project within six years.
Egypt is currently cooperating with Siemens to build a 500 MW wind power plant, and is expected to start developing the power plant before the end of this year.
Shaker revealed that the government is currently negotiating with foreign investors to establish renewable energy projects with a capacity of 2,000 megawatts that will use wind and solar power along the coast of the Red Sea. The negotiations will be completed before the end of this year.
The expected power generation of the new project under negotiation will increase the total power generation of renewable energy projects to 6000 MW, which accounts for about 20% of Egypt’s demand.
Joe Kessel, President and CEO of Siemens, said that Egypt and Siemens have a good cooperative relationship. We are eager to continue to establish cooperative partnerships with Egypt and other countries in the world in terms of economic development.
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