China’s CET to develop a 10 GW solar project in Egypt: China Electric Power Equipment and Technology (CET) signed an MoU with the Egyptian government on Wednesday to begin studies to develop a 10 GW solar project in Egypt, according to a cabinet statement published on Wednesday. The solar farm is expected to cost some USD 10 bn, Al Mal reports, citing a source from Egypt’s New and Renewable Energy Authority it says has knowledge of the matter. The timeline for the project was not disclosed.

What we know so far: CET expects to complete the 10 GW solar plant in multiple phases over five years under a build, own, operate agreement. The Egyptian Electricity Transmission Company will buy the farm’s output USD 0.2 per KWh under an offtake agreement, according to Al Mal. The utility-scale solar farm — expected to be established in Upper Egypt — will span 160 sqkm, and once completed, will offset 14 mn tons of carbon emissions annually, saving some USD 1 bn of gas-powered energy costs per year.

REMEMBER- Chinese companies are ramping up green investments in Egypt: In October,Egypt’s Suez Canal Economic Zone (SCZone) has inked agreements worth a combined USD 14.75 bn for two clean energy projects with China Energy and China’s United Energy. China Energy signed a framework agreement for a planned green hydrogen plant in the SCZone and United Energy is planning a renewables-powered potassium chloride production facility.

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