Egypt’s Prime Minister Moustafa Madbouli witnessed on Sunday the signing of a protocol agreement between Tahya Misr Holding Company for Investment and Development and the Ministries of Electricity and Renewable Energy and Finance, aimed at financing a number of new and renewable energy projects.
The protocol was signed by Minister of Electricity and Renewable Energy Mahmoud Esmat, Minister of Finance Mr Ahmed Kouchouk, and Managing Director of Tahya Misr Holding Company for Investment and Development Mahmoud Nour, a subsidiary of the Tahya Misr Fund.
The agreement covers the development of wind energy projects in the North Gulf of Suez, South Ras Shukeir, Jabal al-Jalala, and Northwest Zafarana regions, with a total capacity of 4,750 megawatts.
It also includes independent power plants and battery energy storage systems with a combined capacity of 4,000 megawatt-hours across South Cairo, Damanhour, and Wadi El Natroun.
The protocol forms part of directives by President Abdel Fattah El Sisi to accelerate the expansion of renewable energy projects and increase their integration into the national energy mix, thereby reducing reliance on fossil fuels and strengthening the stability and reliability of the electricity grid, the Cabinet said in a statement.
This is to be achieved through the introduction of battery storage systems, the implementation of grid modernisation plans, and enhancing the network’s capacity to accommodate higher shares of renewable energy.
The initiative supports the national energy strategy, which targets raising the contribution of renewable energy to 45% of the energy mix by 2028.
Minister of Electricity Mahmoud Esmat stated that the agreement aligns with the sector’s expansion plan to accelerate the execution and grid connection of renewable energy projects.
He noted that Tahya Misr Holding Company for Investment and Development will provide financing and implementation, with energy billing to be conducted in Egyptian pounds at rates equivalent to those applied to other developers.
He further confirmed that agreements have already been concluded between the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, and the project developer, with completion and grid connection expected within two years.
