Egypt signs protocol to finance 8,750 MW renewable energy projects
Egypt signed a cooperation protocol on Sunday to finance a new package of renewable energy projects, including large-scale wind farms and battery storage systems, as the government steps up efforts to expand clean power capacity.
The agreement was signed between Tahya Misr Holding for Investment and Development and the ministries of electricity and finance, in the presence of Prime Minister Moustafa Madbouly.
The projects include wind farms with a combined capacity of 4,750 megawatts across the North Gulf of Suez, south of Ras Shokeir, Jabal El Galala, and northwest of Zaafarana. They also cover standalone battery energy storage systems with a total capacity of 4,000 megawatt-hours in South Cairo, Damanhour, and Wadi El Natrun.
Under the protocol, Tahya Misr Holding will finance and implement the projects, with electricity output priced in Egyptian pounds at levels comparable to those agreed with other private developers. Separate implementation agreements are to be signed between the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) with developers, with completion and grid connection targeted within two years.
The battery storage systems are expected to support grid stability and improve the efficiency of renewable energy use, particularly during periods of peak demand.
The move is in line with directives from President Abdel Fattah El-Sisi to expand renewable energy deployment, reduce reliance on fossil fuels, and strengthen the national grid. Egypt is targeting a 45 per cent share of renewables in its energy mix by 2028.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser