https://arab.news/2kj7a
- Prince Abdulaziz bin Salman says joint initiatives will enhance regional energy security, sustainability
- Saudi companies to launch 5 new solar and wind energy projects in Egypt as part of collaboration
CAIRO: Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, reaffirmed the Kingdom’s commitment to strengthening energy cooperation with Egypt during his address at the Egypt Energy Show on Monday.
The minister was speaking after the signing of an executive plan between Saudi Arabia and Egypt aimed at enhancing cooperation in the field of energy efficiency.
Under the executive plan, both countries will work together to establish a national energy efficiency program in Egypt, which will include drafting regulations and technical standards, capacity building, raising awareness, and fostering the development of energy service companies.
Prince Abdulaziz emphasized the brotherly relationship between Saudi Arabia and Egypt, saying that both nations share a responsibility to lead the transformation of the energy sector and adding that the collaboration aligned with Saudi Vision 2030 and Egypt’s strategic energy transformation goals.
In his address, the minister thanked Egypt’s leadership and its role in fostering robust relations between the two nations, and he highlighted the several major joint energy initiatives announced on Monday as ways of enhancing regional energy security and sustainability.
As part of the collaboration, five new solar and wind energy projects will be launched in Egypt by Saudi companies, boasting a combined capacity of 1.696 gigawatts and an investment of about SR6.2 billion ($1.65 billion).
The projects will be developed by ACWA Power, Alfanar, FAS, and MOWAH.
Additionally, ACWA Power has signed a power purchase agreement with the Egyptian Electricity Transmission Company for a 2GW wind energy project in South Hurghada.
With an investment of SR8.6 billion, the initiative is set to become the largest wind energy project in Egypt, further advancing the country’s renewable energy ambitions.
The Saudi-Egypt Electricity Interconnection Project was also highlighted as a significant step toward regional cooperation, with a SR6.7 billion investment and the ability to exchange 3,000 MW of electricity between the two nations once completed.