Egypt to invest $1 Billion into solar
The Egyptian government has revealed its plan to invest $1 billion in solar energy projects.
During a conference organised by the Chambers of Commerce in Alexandria last month, the Local and Administrative Development Minister Adel Labib revealed the $1 billion investment plan, stating that the solar projects would help create job opportunities for young people in the country, as well as reduce stress on the country's electricity grid.
The country's commitment to go solar is echoed by a recent protocol entered between the government, the New Urban Communities Authority and the Information and Decision Support Centre. Under the agreement, PV arrays will be installed on government buildings to help generate power for lightering and increase the capacity of the electricity network.
In February, the former electricity minister Ahmed Emam disclosed the government's target to generate 20% of the country's energy from renewable energy resources by 2020. It is envisaged that 12 % of the energy will be created by wind power by that time, and the remaining 8% will be produced by other renewable energy sources.
Other recent solar projects in Egypt include a solar power in the El Fayoum Governorate's Wadi Al-Rayan wildlife reserve funded by a $500,000 grant from Italy to the Egyptian government, and a solar PV production line following a contract between Egypt's Arab Renewable Energy Company (ARECO) and Disctech FZCO, an affiliate of Z-One Holding of the United Arab Emirates. The production line is expected to commence in September with an initial capacity of 21 MW and reach an annual capacity of 80 MW by 2016.
