Egypt’s PM reviews financing plans for renewable energy, grid expansion

Egypt’s Prime Minister Moustafa Madbouly reviewed plans on Wednesday to secure financing for renewable energy projects and electricity grid upgrades, as the government seeks to expand clean energy capacity and meet rising power demand.

During a meeting attended by officials from the ministries of electricity, finance and planning, Madbouly discussed measures to ensure funding is available for renewable energy projects to be implemented according to schedule, the cabinet said in a statement.

Madbouly said securing financing was essential to expanding electricity generation capacity, strengthening the national grid and reducing reliance on conventional fuels.

Officials also reviewed requirements for upgrading the electricity transmission and distribution network, including the procurement of equipment needed for replacement and modernization works to improve the grid’s ability to absorb power generated from renewable energy projects.

The meeting discussed coordination between the ministries of electricity, petroleum and finance to support renewable energy investments, maintain grid stability and meet the country’s growing energy needs.

Egypt has accelerated investment in solar, wind and battery storage projects as part of its strategy to increase the share of renewable energy in its electricity mix and reduce dependence on fossil fuels.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser