Egypt’s Cabinet greenlights $850M solar energy project in Aswan
Updated 12/18/2024 3:54:00 PM
Arab Finance: The Egyptian Cabinet has approved a request from Abydos Solar Power Company to develop an electricity sale and production project in Aswan’s New Benban, as per an official statement.
The project will operate under the provisions of Investment Law No. 72 of 2017 and has been granted the golden license.
The project involves producing and selling electricity using photovoltaic solar energy, with a capacity of 1,000 megawatts. It also includes energy storage systems with a capacity of 600 megawatt-hours.
The project costs $850 million and is being built on a 20-square-kilometer area allocated by the New and Renewable Energy Authority (NREA).
It is expected to create jobs for around 4,000 workers and employees.
The first phase has a capacity of 300 megawatts, in addition to 300 megawatt-hours of energy storage. It is set to start commercial operations in August 2025.
Meanwhile, the second phase, with a capacity of 700 megawatts and an additional 300 megawatt-hours of storage, will begin commercial operations in April 2026.
This project aims to reduce carbon emissions, support environmental sustainability, and increase the share of clean energy in Egypt's national power grid, while reducing reliance on natural gas for electricity production.
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