Prime Minister Mostafa Madbouly attended the signing of a cooperation protocol between Tahya Misr Holding Company for Investment and Development and the ministries of electricity and finance to finance major renewable energy projects.
The protocol was signed by Minister of Electricity and Renewable Energy Mahmoud Esmat, Minister of Finance Ahmed Kouchouk, and Managing Director of Tahya Misr Holding Company Mahmoud Nour.
The agreement covers the establishment of wind power plants with a combined capacity of 4,750 megawatts in the Gulf of Suez, Ras Shukeir, Galala and Zafarana, in addition to battery storage stations with a total capacity of 4,000 megawatt-hours in South Cairo, Damanhur and Wadi El Natrun.
The move comes in line with directives from President Abdel Fattah El Sisi to expand reliance on renewable energy and raise its share in the energy mix to 45 percent by 2028.
The strategy aims to enhance the stability of the national grid, reduce dependence on fossil fuels and support the transition toward cleaner energy sources through storage solutions and grid modernization.
Esmat said Tahya Misr Holding Company will finance and implement the projects, with energy pricing set in Egyptian pounds, noting that the projects are expected to be completed and connected to the grid within two years in coordination with the Egyptian Electricity Transmission Company.
He added that the electricity sector prioritizes reducing carbon emissions and diversifying energy sources, highlighting that integrating battery storage systems will maximize the efficiency of renewable energy while ensuring grid stability during peak demand periods.
The minister also underscored the key role of the private sector, affirming the government’s commitment to encouraging local and foreign investments in the renewable energy sector.
