Egypt and the European Union have Enhance Their strategic partnership in the field of renewable energy with a financing package of up to 690 million euros (39 billion Egyptian pounds) aimed at modernizing and expanding the electricity transmission network in Egypt was announced on Monday, June 15.
Finance collects – A loan of 600 million euros (34 billion pounds) from the European Investment Bank, the development arm of the European Investment Bank, with grants of up to 90 million euros (5 billion pounds) provided by the European Commission.
He drove Sponsored by the Egyptian Electricity Transmission Company (EETC), the program is designed to modernize the national electricity grid while accelerating the integration of renewable energy generation.
Moreover, the project He seeks To enable the delivery of approximately 22 GW of renewable energy capacity by 2030, a level expected to provide electricity to approximately 10 million households.
As part of the initiative, modern substations will be constructed and advanced transmission lines will be installed to bring solar and wind energy from the Red Sea and Gulf of Suez regions to the national grid.
Expected benefits of the upgrades include reducing transmission losses, improving electricity reliability, and enhancing energy security, while supporting sustainable economic development.
According to the program structure and the European Union contribution represents 44% of the total cost, with the remaining financing covered by the Egyptian Electricity Transmission Company’s own resources.
Agreement Builds On a broader pipeline of EU-backed renewable investments in Egypt.
He – she Includes Projects such as the Obelisk solar photovoltaic plant with storable batteries, supported by European Investment Bank financing, as well as EU-backed initiatives including the Water-Food-Energy Nexus Platform and the Green Economy Financing Facility, which aim to mobilize private sector investment in the areas of renewable energy and energy efficiency.