Dr Mohamed Al Khayyat, Head of the New and Renewable Energy Authority, revealed that five power plants run by wind and solar energy are being built in Suez and Aswan, with a total capacity of one thousand megawatts.
Al Khayyat explained that the new stations will consist of a 500-megawatt solar plant in Kom Ombo, Aswan, and a 500-megawatts wind farm in the Gulf of Suez. The total cost of these stations amounts to one billion and 500 million dollars.
The installation of solar panels will begin at the end of 2021, and the installation work for wind farms is expected to start early next year.
In the hopes of attracting foreign and local investments in the field, the decision was made to reduce the price of a kilowatt/hour of renewable energy to 2 cents for the sun and 3 cents for winds.
“The current prices of the solar and wind energy in Egypt, after the reduction, are considered the lowest cost globally,” said Mohamed Al Khayyat. He added that Egypt also plans to continue to further rely on renewable energy as part of its Energy Strategy for 2035.
Al Khayyat also stated that another power plant with a capacity of 70 megawatts is underway, in cooperation with the German and Japanese governments.