Egypt will increase its solar power capacity from 4.3GW to 8GW in the next ten years, in a bid to meet the energy needs of the country.
This was announced by the investment minister Ashraf Salman, who said that the additional capacity of electricity will be generated through solar power. “…We anticipate that 4.3GW of that need will be generated by solar power,” the minister added.
The government expects to start signing photovoltaic project deals during the Egypt Economic and Development Conference which will be held in March this year. ““Significant contracts for investment in solar and coal power stations will be made available at the EEDC and we think it highly likely that they will be signed at the conference,” the minister added.
Egypt’s energy sector has suffered substantial losses as a result of overarching blackouts. This is due to high growth in demand for electricity, unmatched by development and maintenance of generation and transmission capacity.
The EEDC will be held in Sharm El-Sheikh on 13-15th March 2015 during which the electricity law will be published. The host will be president Abdel-Fattah El-Sisi.
EEDC will take place on the 13-15th March 2015, and will attract leaders from around the globe. Reforms by government, as well as projects undertaken will be highlighted. The government is willing to showcase reforms that contribute in fiscal stability, drive growth and attract investment in order to improve Egyptian people welfare.
Investment opportunities in manufacturing, housing, sanitation, agriculture, development, petroleum, mineral resources, electricity and renewable energy will be presented.