CAIRO: Egypt is planning to invest up to $4 billion in a project to generate green hydrogen gas through water electrolysis, according to the Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker.
The minister pointed out that the project is currently in the feasibility studies stage, in consultation with the Sovereign Fund of Egypt and a group of concerned ministries, and will be presented next week.
Shaker said that an area of more than 7,000 sq. km has been allocated for renewable energy production projects in Egypt, from which it can produce about 90,000 megawatts (MW).
The Ministry of Electricity and Renewable Energy has set a goal for 42 percent of the total energy produced in Egypt to be sourced from renewables by 2035. By the end of this year, it will have raised the total to 20 percent, a year ahead of schedule.
Egypt is also home to the Benban solar plant, the largest solar power plant in the world, with a total capacity of 1,465 MW.
Shaker revealed that the volume of investments in the electricity sector since the beginning of the reform until now is estimated at EGP500 billion ($32 billion).
He estimated that the total investment in the development of electrical distribution companies is around EGP36 billion, while the Decent Life initiative, which aims to improve the country’s distribution networks, is set to provide funds between EGP60 and EGP70 billion.