Arab Finance: Tahya Misr Holding for Investment and Development inked a protocol with both the Ministry of Finance and the Ministry of Electricity and Renewable Energy to finance a number of new and renewable energy projects, according to a statement.
This includes establishing wind power projects in the Suez Gulf, South Ras Shukeir, Galala, and Northwest Zafarana, with a total capacity of 4,750 megawatts (MW).
The deal also covers independent battery energy storage plants, with a capacity of 4,000 MWh in South Cairo, Damanhour, and Wadi El Natroun.
The joint agreement was signed under President Abdel Fattah El-Sisi's directives to expand renewable energy projects and integrate them into the energy mix and fossil fuel use.
In this regard, relevant authorities will take all necessary measures to secure the national electricity grid and ensure the stability, continuity, and sustainability of the power supply.
Battery energy storage systems will modernize the grid and scale its capacity to absorb renewable energy, in line with the state's direction and the national energy strategy to accelerate the implementation of projects to reach a 45% share of renewable energy in the energy mix by 2028.
