Egypt is in talks to export electricity to Europe and other African countries, utilizing its position as a producer of cheap renewable energy to become an export hub, the head of its sovereign wealth fund said.
According to Chief Executive Officer Ayman Soliman, the nation, which has a surplus of electricity, sees unspecified “power-hungry” countries to the north as possible customers.
Egypt could supply Europe via a planned sub-sea cable to Cyprus and Greece.
Soliman in an interview in Cairo said, “We are in talks with European infrastructure investors, advisers and energy traders to assess the viability and appetite.”
The transmission line “will position Egypt as a long-term renewable supply hub for Europe.”
Egypt’s capacity has been bolstered in recent years by three power plants co-built by Siemens AG, a $4 billion solar park in the south, Benban; one of the world’s biggest, and a wind farm.
In 2017, the nation signed a $30 billion deal with Russia to build North Africa’s first nuclear power plant, with capacity of 4.8 gigawatts.
According to EuroAfrica’s website, the first stage of the Egypt-Cyprus-Greece line is estimated to cost 2.5 billion euros ($3 billion) and scheduled for commissioning by December 2023, with initial transmission capacity of 1,000 megawatts.