The Egyptian Electricity Transmission Company signed a memorandum with Norwegian company Scatec ASA to start studies for the electrical interconnection project between Egypt and Europe to export renewable energy via Italy.
The memorandum was signed on behalf of the Egyptian Electricity Transmission Company by Chairman of the Board of Directors of the company Sabah Mashaly and on behalf of Scatec ASA CEO Terje Pilskog.
The signing was attended by the Egyptian Prime Minister Mostafa Madbouly, and the Egyptian Minister of Electricity, Mohamed Shaker.
Shaker said that the memorandum of understanding aims to support and strengthen cooperation frameworks between Egypt and the European Union in the field of energy in general and renewable energy in particular.
He added that it will contribute to coordination with regards to exporting electric energy to Europe via Italy.
After the completion of the project studies, and the approval of the Egyptian Electricity Transmission Company, a discussion will begin on the steps to implement the project with the aim of exporting renewable energy to Europe via Italy, in coordination with the transmission network operator in Italy.
Egyptian presidential spokesperson Ahmed Fahmy said that Egypt reached agreements with Scatec ASA to establish some projects with investments amounting to US$ 12 billion.
Egyptian President Abdel Fattah al-Sisi also met with Pilskog, where they followed-up the growing investments of Scatec ASA in new and renewable energy projects, hydrogen and green fuels in Egypt, including the green hydrogen production project in Ain Sukhna, which has already started production in its first stage – making Egypt the first country in Africa to produce green hydrogen.
They discussed two joint green ammonia production projects in the Suez Canal Economic Zone, with investments of approximately six billion dollars, and in Damietta with investments of about US$870 million.
Projects such as a five-gigawatt wind energy project with investments of US$5.6 billion running several phases over the coming years and the joint production project for green methanol in Damietta, with investments of about $450 million, were also discussed during the meeting.
And the meeting also touched on the electrical interconnection project between Egypt and Europe to export renewable energy with a capacity of about three gigawatts, for which a memorandum of understanding was signed to start studies.
