Egypt and EU launch €690m renewable energy grid investment

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Egypt and the European Union have agreed on a financing package of up to €690 million to modernise and expand the country's electricity transmission network, accelerating the integration of renewable energy into the national grid and strengthening Egypt’s position as a regional energy hub.

The package combines a €600 million loan from European Investment Bank's development arm, EIB Global, with grants of up to €90 million from the European Commission.

The programme includes the construction of new substations and the installation of advanced transmission lines designed to connect solar and wind power projects in the Red Sea and Gulf of Suez regions to the national grid. The upgrades are expected to reduce transmission losses, improve electricity reliability and create a stronger foundation for future clean-energy investments.

The project is among the first flagship investments launched under the Trans-Mediterranean Renewable Energy and Clean-Tech Cooperation Initiative (T-MED), a cornerstone programme of the Pact for the Mediterranean that promotes renewable energy and clean-technology collaboration between the European Union and its southern Mediterranean partners.

Source: Wikipedia