Egypt took a significant stride towards bolstering its renewable energy industry as the Egyptian Electricity Transmission Company (EETC) inked a memorandum of understanding (MoU) with Belgian maritime infrastructure company Jan De Nul to evaluate an initiative to export renewable energy to Europe, according to an official cabinet statement on Thursday, 16 November.
The core of the project involves the installation of a subsea cable with a minimum capacity of two gigawatts, enabling the transmission of renewable energy from Egypt to Europe. The strategic move aligns with Egypt’s ambition to establish itself as a pivotal regional hub for renewable energy, further solidifying its role as an important partner to Europe.
Europe, grappling with energy insecurity following the Russia-Ukraine conflict, sees Egypt as a promising partner to address its energy needs. The Egyptian initiative comes at a time when the European Union (EU) is contemplating the inclusion of an electrical interconnection project linking Greece and Egypt in its list of Projects of Common Interest (PCIs). Such an inclusion would simplify funding procedures and facilitate necessary permits for the project.
Minister of Electricity and Renewable Energy Mohamed Shaker unveiled in September an ambitious national strategy that positions Egypt as a leading producer and exporter of green hydrogen, reinforcing its commitment to sustainable energy practices. Over the past year, Egypt has actively pursued foreign investment in green hydrogen, forging multiple MoUs with international entities.
In June, the Egyptian government updated its Nationally Determined Contributions (NDC), elevating its targets for reducing greenhouse gas emissions and underscoring Egypt’s dedication to environmental sustainability while securing the requisite financial backing.