Egypt has signed several Memoranda of Understanding (MoU) with UAE-based energy companies in the fields of renewable energy and manufacturing. Set to boost the adoption of clean energy technologies while advancing the development of key industrial sectors, the agreements align with Egypt’s target to increase the share of renewables in its energy mix to 42% by 2030 and 60% by 2040.
Egypt’s national utility the Egyptian Electricity Transmission Company signed two power purchase agreements with a consortium comprising UAE firms Masdar, Infinity Power and Hassan Allam Utilities. The agreements cover the development of two solar projects with a combined capacity of 1.2 GW as well as the development of a battery storage facility with a capacity of 720 MW.
Additionally, Masdar signed a deal with the Future of Egypt for Sustainable Development Authority for the construction of a floating solar plant on Lake Nassar. The project will have a capacity of 3 GW. Masdar will also develop a 2 GW solar plant in the Naga Hammadi region, following the signing of a deal earlier this month.
In the manufacturing sector, energy company Global South Utilities signed a deal with Industrial Modernization Center (IMC) – an organization that supports industrial facilities in Egypt – for the development of two solar manufacturing plants. The first plant will produce solar cells at a capacity of 2 GW while the second will produce solar panels for domestic use and exports.
IMC also signed two MoUs for the construction of battery storage facilities in Egypt. The first agreement was signed with Chinese firm Weigheng and covers a 2 GW storage facility. The second agreement, signed with investment company APEX National Investment, features the development of another storage facility.
Additionally, Egypt’s General Authority for the Suez Canal Economic Zone and integrated trade and logistics company AD Ports Group signed a deal to develop a UAE-Egypt Industrial Zone in East Port Said. The zone covers an area of 20 km² and will serve as an integrated industrial and logistics hub, attracting investments in renewable energy, manufacturing and technology.
