ArabFinance: The Egyptian Ministry of Electricity is mulling over investment opportunities with the Belgium-based company John Cockerill in the energy field, mainly renewable energy and green hydrogen, the ministry announced in a statement on May 10th.
This comes on the sidelines of a meeting between the Minister of Electricity Mohamed Shaker and the CEO of John Cockerill Jean Luc Maurange.
During the meeting, the two parties discussed plans for mutual cooperation in the fields of electricity, new and renewable energy, and green hydrogen.
Egypt’s strategy targets boosting the contribution of renewable energy to 42% in the energy mix by 2035 as well as diversifying the sources of power generation, shaker remarked.
He also mentioned that the government has taken major steps to encourage the participation of the private sector in the new and renewable energy projects, resulting in competitive costs of energy for solar power projects.
Moreover, the ministry has signed a number of memoranda of understanding (MoU) with global companies to begin the necessary studies of pilot projects for the production of green hydrogen in Egypt and the possibility of exporting the output, he said.
He also highlighted the MoU signed with the European Bank for Reconstruction and Development (EBRD), upon which the international financial institution supports green hydrogen generation in Egypt with a grant to finance the consulting works needed to set the national hydrogen strategy.
It is worth noting that EBRD recently announced that it provided a loan worth $4.8 million to Intro Sustainable Resources (Intro-SR) and Intro Solar in Egypt to support green energy transition within the North African country.