Mohamed Shaker, Minister of Electricity and Renewable Energy, on Tuesday inaugurated a solar power plant, with a production capacity of 10 GW/h per year, at the Chinese fiberglass factory Jushi in the northwest from the Gulf of Suez Economic Zone, to Ain Sokhna.
The project was implemented through a partnership agreement between Jushi and Inara Capital, a leading company in the field of renewable energy, which is one of the economic zone’s partners in green hydrogen projects.
Minister Shaker said that great efforts are being made by the ministry and in coordination with various authorities in this regard to implement the strategy of the Egyptian state in the electricity sector and achieve the target of 42% electricity. energy produced from renewable sources, including solar and wind, in 2035.
The Minister added that the State pays great attention to these projects and cooperates with neighboring countries in the electricity interconnection, in particular what is currently happening between Egypt, Greece and Italy, which confirms that Egypt is a promising market in this area.
He pointed out that the signing of a memorandum of understanding for green fuel projects between the Suez Canal Economic Zone, companies affiliated to the Ministry of Electricity and the Sovereign Wealth Fund of Egypt will help accelerate the pace of construction of energy projects, in conjunction with Egypt’s hosting of the climate change summit (COP27).
Walid Gamal El-Din, head of the Suez Canal Economic Zone, said the project is in line with the implementation of political leaders’ directives towards the use of clean energy and within the framework of the the Suez Canal Economic Zone to locate renewable energy industries, in addition to motivating development partners and investors to invest and harness new and renewable energy in their project extensions to realize our vision of the whole transformation of this type of energy.
Sherif El-Gabaly, Chairman of Inara Capital, said that the project is the start of the optimal exploitation of the potential of the economic zone in the production of clean and renewable energy, and he thanked all the institutions concerned who have facilitated this project with our Chinese partners. find this optimal way.
Wu Ping, general manager of Jushi Egypt, said the plant is the largest among Chinese investments in Egypt, as it includes 3 production lines with a production capacity of 200,000 tons per year and provides 2,500 jobs. . It is also one of the largest fiberglass production projects, as it earns revenues of more than $220 million per year with an export value of around $200 million per year.