Mohamed Shaker, Minister of Electricity and Renewable Energy discussed with the Japanese Ambassador to Cairo Oka Hiroshi and a delegation of Japanese companies working in the field of renewable energy and green hydrogen ways to support and enhance cooperation between the two countries.
The minister of electricity said that Japan has participated in Egyptian electricity sector projects over the past decades. “Japanese companies are a reliable partner and have a major role in contributing to electricity sector projects, which include production stations, transmission and distribution networks, and renewable energy and energy efficiency projects.”
During the meeting, ways of joint cooperation between the two sides were discussed in the field of electricity and new and renewable energy such as solar energy, wind, and green hydrogen, as well as the localization of the manufacture of some relevant components, which contributes to the transfer of knowledge and increasing job opportunities.
The Minister referred to the state’s strategy, which aims to increase the contribution of renewable energy to the electrical energy mix, and the attention paid by the electricity and renewable energy sector to diversifying the sources of electrical energy production and benefiting from Egypt’s natural wealth, especially new and renewable energy sources, which aims to reach the percentage of renewable energy’s contribution to more than 42% by 2030.
He added that the sector has taken a number of important measures to benefit from the enormous potential of renewable energy according to a number of mechanisms to encourage private sector participation in sector projects, most notably new and renewable energy projects.
He pointed out that competitive prices have currently been reached with a number of investors for solar energy projects in this field, at a price of 2 cents a dollar/kWh for P.V. solar energy projects, and a price of 2.45 cents a dollar/kWh for wind energy projects.
The Minister indicated that there is cooperation with international companies to begin implementing pilot projects to produce green hydrogen in Egypt as a first step towards expansion and the possibility of export, as 23 memorandums of understanding were signed in this regard, including 9 framework agreements that were signed with major companies in this field during COP27.