Egypt has taken a new step in implementing its plan to become a regional hub for energy exports and expand the signing of electrical interconnection agreements and projects with Europe to secure its clean energy needs in the coming years.
President Abdel Fattah El-Sisi met with the CEO of the Norwegian Company Scatec, Terje Pilskog, to discuss the electrical interconnection project between Egypt and Europe to export renewable energy with a capacity of about three gigawatts via Italy.
Presidential spokesman Ahmed Fahmy said the meeting followed up on Scatec's growing investments in new and renewable energy, hydrogen, and green fuel projects in Egypt.
It included the green hydrogen production project in Ain Sokhna, which had already begun production for the first phase, making Egypt the first country in Africa to produce green hydrogen.
Other projects included two green ammonia co-production projects in the Suez Canal economic zone with investments of approximately $6 billion and Damietta with investments of about $870 million.
The 5 GW wind project is also among the new projects, with investments of $5.6 billion over several phases in the coming years, and the "green methanol" joint production project in Damietta, with investments of about $450 million.
Scatec's CEO confirmed the Norwegian company's commitment to expanding its investments in Egypt in the coming years in light of the outstanding development of Egypt's infrastructure in various sectors.
He stressed that this establishes a solid base for launching industries and investments, particularly in renewable and green energy.
Pilskog also highlighted the company's positive and fruitful experience with the investment climate in Egypt, lauding the firm political will they noted and the government's response to remove any obstacles and challenges.
The Norwegian side reiterated that this tremendous Egyptian support to facilitate the business climate is reciprocated with their keenness to exert utmost efforts to increase investment, transfer technology, and contribute to the state's intensive efforts to place Egypt on the list of green energy producers and exporters.
It noted that this makes Egypt a destination and hub for green refueling for global navigation lines and a regional energy production and circulation center.
Earlier, the Ministry of Electricity and Renewable Energy asserted its aim to benefit from the daily reserve in the Egyptian national electricity grid and export it abroad through the expansion of electrical interconnection projects.
The linkage project between Egypt, Cyprus, and Greece is considered the first power transmission station for Europe.
Egypt and Greece signed an agreement in October 2021 that set the stage for an undersea cable to transmit power produced by renewable energy in North Africa to Europe.
The Ministry of Electricity indicated that the "historic project" is important to Egypt's economic development and energy security strategic plan. This project is one of the projects that help link Egypt to the European electrical network.
In recent years, Egypt expanded its electrical connection with neighboring countries, whether African, Asian, or European, after it established a robust infrastructure.
