Egypt, in a bid to make its green hydrogen project a reality, is planning to invest $4 billion, according to the Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker. The Ministry also aims that 42 percent of its energy be sourced from renewable sources by 2035. Mohamed Shaker further said that Egypt will use the funds to generate green hydrogen gas through water electrolysis. The project is currently under the feasibility studies stage and the country is consulting with the Sovereign Fund of Egypt and a few ministries and the project will be presented next week to the concerned authorities.
The power minister also pointed out that a 7,000 sq. km area has been allocated to power the renewable energy projects in Egypt. It aims to produce electricity of 90,000 megawatts (MW). Keeping in tune with the goal set by MERE to produce 42 percent energy for the country from renewable sources by 2035, the project is expected to raise the total to 20 percent, which is a year ahead of its schedule.
Additionally, Egypt also hosts the Benban solar plant, which is regarded as the largest solar plant in the world that has a capacity of 1,465 MW. Mohamed Shaker added that since the beginning of the reform, the amount of investment in the electricity sector is estimated at $32 million. Additionally, he also estimated that the total investment in the development of electrical distribution companies is around EGP36 billion and the Decent Life initiative is set to provide funds between EGP60 and EGP70 billion.