Egypt has entered into a Memorandum of Understanding (MoU) with Statkraft AS, a Norwegian company, to conduct studies on a renewable energy export project from Egypt to Europe via Italy. The agreement marks a significant milestone in Egypt’s efforts to promote renewable energy and establish itself as a key player in the global energy market.
Mohamed Shaker, the Egyptian Minister of Electricity and Renewable Energy, stated that the MoU comes within supporting and strengthening cooperation frameworks” between Egypt and the European Union. This agreement marks a significant step forward in promoting collaboration and coordination between the two parties, he added.
Read more: COP 27: Egypt signs deals worth $83 bn in renewable energy
According to Sabah Mashaly, Chairman of the Board of the Egyptian Electricity Transmission Company, the memo entails collaboration to commence studies as a prelude to executing a project that aims to export renewable energy to Europe via Italy. The project will utilize a sea interconnection with a minimum capacity of 3 gigawatts.
In addition, she noted that the MoU incorporates several measures, such as Statkraft gaining approval from the operator of the Italian network and enlisting an international consultant with expertise in electricity interconnection projects. The consultant’s responsibilities encompass identifying suitable renewable energy sources for energy exportation and designing all the required infrastructure components for the project.
Egypt aims to establish itself as a key player in the Middle East’s energy sector by implementing electrical interconnection projects with neighboring countries. Italy, Greece, and Cyprus have recently made offers to Egypt for exporting its surplus electricity production, which is estimated to be around 25,000 megawatts. According to official data, Egypt’s daily electricity production stands at 58,000 megawatts, while its daily consumption is reported to be 33,000 megawatts, according to the Arab News Agency.
Click here for more news on energy & sustainability.
