Egypt opens doors for Saudi companies in new field

Egyptian Electricity and Energy Minister Mohamed Shaker discussed the involvement of a Saudi electricity company in investing in Egypt.

The Egyptian Minister of Energy discussed with the Saudi Al-Masaa group the promotion of cooperation and best practices in the field of renewable energy, as well as the need to solve many electrical problems, especially in distribution networks and transmission of electricity, in addition to the interest in localizing the various productions of equipment used in the field of electricity and renewable energy sources.

Shaker pointed to the sector’s success in overcoming the challenges it has faced in recent times, achieving stability in the national energy system and bridging the gap between electricity generation and demand through a series of measures, initiatives and reform policies to kick-start the energy transition. process, provide and maintain electricity, improve energy efficiency and open markets for private sector investment, in various areas of conventional and renewable energy and smart grids. Where the sector is working to strengthen and develop electricity transmission and distribution networks in order to use and benefit from the large capacity that is being added from new and renewable sources.

The minister added that Egypt is working on a number of fronts to expand and diversify energy sources to meet its energy needs and to encourage the private sector to participate in such projects.

He also mentioned the government strategy to increase the share of renewable energy sources in the electricity generation mix and the attention that the electricity and renewable energy sector is giving to the diversification of electricity generation sources and the use of Egypt’s natural resources, especially new and renewable energy sources, which aims to achieve by 2035, the share of renewable energy sources in the energy mix of Egypt to 42%.

He added that the sector has taken a number of important steps to take advantage of the huge potential of renewable energy sources, in line with a number of mechanisms to encourage the participation of the private sector in sector projects, especially in new and renewable energy projects.

The Minister indicated that there is cooperation with international companies to start green hydrogen production pilot projects in Egypt as a first step to expand in this area to achieve export opportunities, as 23 MoUs have been signed in this regard. including 9 framework agreements signed with major companies in the field during the cop 27 climate conference.

The minister referred to Egypt’s strategy to expand seawater desalination using renewable energy sources.

The head of the Saudi company confirmed his desire to cooperate with the Egyptian side in various areas, especially in the field of increasing the contribution of renewable solar and wind energy sources, equipment production.

Source: RT