The second phase, delivering an additional 1,500 megawatts, is expected to be completed before the end of the year.
Sabah Mashaly, Egypt’s Deputy Minister of Electricity and Renewable Energy, revealed that the European Union will fund approximately 50% of the cost of feasibility studies for the proposed Egypt-Greece electricity interconnection project.
The total funding required for the studies is estimated at €20 million, with the EU contributing €10 million.
In statements to Al-Borsa on the sidelines of the American Chamber of Commerce conference, Mashaly confirmed that the first phase of the Egypt-Saudi Arabia electricity interconnection—offering 1,500 megawatts—will be operational by next summer, as the project is now in its final implementation stages.
The second phase, delivering an additional 1,500 megawatts, is expected to be completed before the end of the year.
Mashaly also noted that Egypt’s renewable electricity export project is expected to attract investments ranging between $15 and $20 billion. The government has completed preliminary studies and is now preparing to launch detailed feasibility assessments in cooperation with UAE-based company K&K.
Additionally, the ministry is examining the possibility of private sector investment in the national electricity grid.
However, any involvement must not compromise national security, as the grid is state-owned and considered a strategic asset. She stressed that Egypt is not unique in this approach—many countries follow similar policies, including France, which sold part of its grid only to repurchase it later.
The ministry also plans to contract energy storage systems for solar power plants, aiming for a total storage capacity of 3,500 megawatts. So far, batteries with a capacity of 300 megawatts have already been installed.
