In mid-October, the minister of electricity and renewable energy, Mohammed Shaker announced the inauguration of a 1.4GW Benban Solar which will take place by November. Over 30 companies have established energy projects and commercial operations in Aswan Governorate in Upper Egypt. This site has invested over $2billion.
Norwegian headquarters Scaten Solar, Germany’s Ib Vogt and French company Volatile are among those countries that have set operations. In addition to the international investment the country has attracted, the project included 100 Egyptian companies that attracted 640 permanent jobs and 18,000 temporary jobs.
The government of Egypt purchased electricity produced at the site for the next 25 years and this has helped in incentivizing foreign companies.
It is during the expansion of other renewable projects when the opening of Benban announced. The construction of the 250-MW West Bakr wind began officially on October 14. The arm is located 30km on the North-West of Ras Gareb town.
produce enough electricity that will power over 350,000 homes, a total of 96 turbines will be constructed at the site by the end of 2021. Under the government’s own build operation scheme, an Afri-based company is undertaking the project. It aims to grow the capacity of winds by 18 percent.
The government of Egypt plans to expand the capacity of the nation’s renewable energy capacity by expanding the solar as well as wind power capacity. The Hydro will be replaced by the solar as well as wind energy as the renewable propellers of energy in the nation. Hydro is the oldest and the most known form of renewable energy in this country and by the end of 2021-2022, the hydro is expected to have been replaced by solar as well as wind power as sources of energy.
In 2017, there was already a 63 percent investment in renewable energy in the emerging markets. This investment has developed globally in the emerging markets and this will help Egypt to improve its fiscal state and become a real energy hub.
Increasing the amount of renewable energy will reduce the consumption of oil and gas. As a result, this will reduce the amount being spent on subsidies. The government also reduced the energy subsidies as one of the reforms and this will, in turn, reduce the subsided usage by the people. By the end of 2022, the subsidies will have been completely slashed off by the government.This will help in achieving the county’s visions.
The government increased the production of the prepares Zohr offshore field in order to achieve gas self-sufficiency. This came after the country has been given an example of the advantage that will come with a shift in energy supply.