Cairo: 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.

According to State Information Service Egypt, 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 includes the establishment of wind power plants with a combined capacity of 4,750 megawatts in the Gulf of Suez, Ras Shukeir, Galala, and Zafarana. Additionally, battery storage stations with a total capacity of 4,000 megawatt-hours will be set up in South Cairo, Damanhur, and Wadi El Natrun.

The move aligns with directives from President Abdel Fattah El Sisi to expand reliance on renewable energy and raise its share in the energy mix to 45% by 2028. This 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 stated that Tahya Misr Holding Company will finance and implement the projects, with energy pricing set in Egyptian pounds. The projects are expected to be completed and connected to the grid within two years in coordination with the Egyptian Electricity Transmission Company. He emphasized the electricity sector's commitment to reducing carbon emissions and diversifying energy sources, noting that integrating battery storage systems will maximize renewable energy efficiency and ensure grid stability during peak demand periods.

The minister also highlighted the crucial role of the private sector and affirmed the government's commitment to encouraging local and foreign investments in the renewable energy sector.