Egypt signed a memorandum of understanding with global energy groups to generate electricity using solar power in a bid to face increasing demand for energy, state-run news agency MENA reported on Sunday.
The agreement will see Egypt produce 5,000 megawatts of electricity from solar power plants. It also stipulates that Egypt is provided with research and training in the field of solar energy production.
Electricity Minister Mohamed Shaker attended the signing between the state's Egyptian Electricity Transmission Company and two coalitions of global energy firms, which took place at Egypt's Economic Development Conference.
The economic conference kicked off from the resort city of Sharm el-Sheikh on Friday and has seen Egypt sign numerous deals worth billions of dollars.
Agreements in the energy sector alone are valued at over $30 billion worth of investment.
Egypt has been facing an energy crisis for years, with power outages surging in the summer.
Egyptian authorities have often owed the power crisis to a larger fuel crisis and have been taking measures in recent months to diversify sources of energy.
President Abdel Fattah al-Sisi said in January that Egypt aims to build solar power plants and wind energy facilities within the next three years, with a total capacity of 4,300 megawatts.
Egypt signed an agreement with Russia last month, in which Russia will help Egypt build a nuclear power plant in Dabaa, on Egypt's Mediterranean coast, allowing Egypt to also generate electricity using nuclear power.