Minister of Electricity and Renewable Energy, Mahmoud Esmat, has received a delegation from the International Finance Corporation (IFC), a development arm of the World Bank, headed by Valerie Levkov, Director for Energy, Metals and Mining, and Sustainable Infrastructure Advisory at IFC, at the Ministry’s headquarters in the New Administrative Capital.
The meeting focused on several areas of cooperation, including work strategies, the energy mix, and increasing reliance on renewable energy sources.
The minister said that the current areas of cooperation and the provision of necessary financing for several electricity generation projects from solar energy at the Benban Solar Park, along with future projects within the framework of the dynamic and ongoing plan for the electricity and renewable energy sector.
Esmat added, “These plans aim to strengthen the unified grid, add new transmission lines and transformer stations at various voltage levels, and integrate new capacities, particularly from renewable sources. The goal is to transform the current grid from a conventional network into a smart grid by building and developing its capabilities and infrastructure. In addition, the urgent plan to enhance performance and add renewable energy generation capacities in partnership with the private sector.”
Esmat disclosed that the ministry places significant emphasis on the energy mix, diversifying generation sources through renewable energy, and increasing the contribution of clean energy. This is in line with the energy strategy targeting a renewable energy share exceeding 42% in the energy mix by 2030 and further increasing this share to over 60% by 2040.
The strategy focuses on utilizing available natural resources, maximizing their benefits, and managing them optimally through the expansion of new and renewable energy plants. He emphasized the ministry’s openness to collaboration and partnerships with the private sector, leveraging their expertise to ensure energy security through various cooperation and partnership models, according to the Minister.
Esmat stated that the Ministry of Electricity aims to secure sustainable, clean, cost-effective energy sources. He highlighted the plan to reduce the consumption of conventional fuels, cut carbon emissions, and increase reliance on new and renewable energy sources.
He pointed out that the ministry is also expanding energy storage systems, grid interconnection lines, and other development requirements for advancing the smart grid.
He explained the ongoing enhancements to the grid, including the extension of transmission lines and the capacities of transformer stations at various voltage levels, as part of the work plan to accommodate new renewable energy capacities.
Esmat emphasized that the private sector is a key partner that drives the expansion of renewable energy projects. The ministry continues to create opportunities for the private sector and provide necessary support to increase local and foreign private investment in clean energy projects.
