2022 positions Egypt as regional energy hub

2022 positions Egypt as regional energy hub

Egypt has taken various steps in 2022 to affirm its position as a regional energy hub, including signing memoranda of understanding (MoUs) and letters of intent for cooperation in energy with multiple parties, according to an official statement on December 28th.

Egyptian state-owned entities signed a set of MoUs and framework agreements worth $119 billion on the sidelines of the UN Climate Change Conference (COP27) to execute wind power and green hydrogen projects in Egypt.

A group of MoUs was signed with international and local companies and consortia to conduct feasibility studies to execute wind power projects with a capacity of 28,000 megawatts (MWs) and expected investments of up to $34 billion.

The project is expected to create 50,000 direct and indirect jobs and cut up to 65 million tons of carbon emissions annually.

The Sovereign Fund of Egypt (TSFE) inked a number of cooperation agreements and protocols with nine developers in the renewable energy sector at a total value of $83 billion.

In a similar vein, the United States and Germany announced commitments to mobilize $250 million worth of resources to Egypt to fund new wind and solar energy projects with a compound capacity of 10 gigawatts (GW).

On June 16th, Egypt signed a memorandum