Egypt with relatively modest oil and gas production has commenced work on 25 new solar and wind power projects worth $6 billion.
According to a report, “the number of international alliances (companies’ joint ventures) that won projects under the new feed-in tariffs with a total capacity amounting to 4GW and investments of $6 billion started the establishment of companies in preparation for submitting requests for land plots’ allocations”, the Electricity Ministry was quoted as saying in the Egypt Independent report.
The government recently approved a draft law to limit its role to regulating and monitoring the electricity sector and not meddling with direct or indirect management of the whole or part of the sector.
The law is aimed at forming an independent body to improve the service and meet the increasing demand.
The industry meanwhile witnessing rapid technological changes such as sustainable power generation is allowing the industry’s avant-garde to liaise with the authorities.
For instance, SkyPower, one of the largest solar plant developers in the world, is in talks with the Egyptian Authorities so as to build a plant with a generating capacity of 3000MW of renewable energy within 5 years.
This company’s executives expressed interest in taking part in studies on new and renewable power projects in the country and during a meeting with Egypt’s Prime Minister, they demonstrated that they were keen to take part in key projects in coordination with Egyptian Electricity strategy.
Meanwhile, an electronics French company, ‘SolarWind’ has recently developed and launched the SUNSET, a solar candelabra with a 30 year lifecycle.
The SUNSET will meet street lighting needs of urban and rural settings in all of the world’s regions and stands as the only system that generates significant revenue throughout its lifecycle. Moreover, the technology will provide good opportunity for developing countries such as Egypt thus ensuring the country’s infrastructures’ short term funding whilst increasing their long term revenues..