Eni targets 10 GW of solar, wind projects in Egypt

Eni SpA (BIT:ENI) could implement solar and wind power projects with a total capacity of 10 GW in Egypt in the coming years, the Italian oil and gas company said in a statement on Tuesday.

The announcement was made after a meeting of Eni's chief executive Claudio Descalzi with Egypt's President Abdel Fattah El-Sisi, Prime Minister Mustafa Madbouly, and the Minister of Petroleum and Mineral Resources Tarek El-Molla.

During the meeting, the parties "agreed on the opportunity to implement a set of solar and wind power projects, targeting 10 GW of installed capacity in the forthcoming years," Eni said.

The main subject of the discussions was the production of natural gas and LNG exports. With an annual natural gas output of 538 billion cubic feet, Eni produces 60% of the total gas in the North African country which aims to become a regional gas hub.

Eni is active in Egypt through its subsidiary IEOC and produces about 350,000 barrels of oil equivalent per day. In 2021, the Italian company agreed with the Egyptian Electricity Holding Company (EEHC) and the Egyptian Natural Gas Holding Company (EGAS) to study the feasibility of projects to produce green and blue hydrogen in the country.

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