Arab Finance: Minister of Industry Khaled Hashem discussed expanding cooperation with the United Nations Development Program (UNDP) to accelerate the adoption of solar energy in Egypt's industrial sector, according to a statement.

During a meeting with UNDP Resident Representative in Egypt Chitose Noguchi, Hashem reviewed the Solar Energy in Industry Initiative (SETI), which aims to install 200 megawatts (MW) of solar power capacity across 20 state-owned industrial facilities through an independent power producer (IPP) model backed by a $150 million credit line.

UNDP is collaborating with several Egyptian ministries to implement the initiative to drive the country’s sustainable industrial development.

The Industrial Modernization Center (IMC) is conducting technical assessments of the selected facilities and developing designs for the proposed solar power plants and systems.

For his part, Hashem welcomed the SETI initiative, emphasizing the ministry’s commitment to providing the necessary support in coordination with relevant government entities.

He also underlined the importance of raising awareness among participating industrial facilities about the economic benefits of solar energy, including lower operating costs and long-term savings.

The ministry is currently teaming up with the UNDP on the Sun of Industry initiative, designed to establish solar power plants for factories with a capacity of 1,000 MW within two years to alleviate pressure on the national grid.

Furthermore, the government is finalizing agreements with the ministries of Finance and Electricity and Renewable Energy on the initiative's technical and financial framework.

The minister affirmed that accelerating these initiatives will contribute to deepening and localizing the industries that supply the components for solar power plants, which is a crucial sector in the ministry’s vision for advancing Egyptian industry.