Finance

Egypt commits to financing 4 GWh of battery storage projects

Presidential fund will be used to finance major wind and energy storage projects as part of wider commitment to expand renewables to 45% share of energy mix by 2028.

By

Matthew Lynas

May 06, 2026

Egypt’s presidential fund will invest in 4 GWh of battery storage projects, as part of a larger government push to accelerate renewables deployment.

Prime Minister Mostafa Madbouly was in attendance as a new cooperation protocol was signed committing funds to the battery projects, as well as a portfolio of wind projects with a combined capacity of 4.75 GW.

Investment in the battery projects will come from the Tahya Misr Holding Company for Investment and Development, a non-profit fund established by President Abdel Fattah El-Sisi, Egypt’s head of state.

An announcement on the Egyptian government’s state information service said that the Tahya Misr Holding Company will finance and implement the projects and the energy pricing for each will be set in Egyptian pounds.

Minister of Electricity and Renewable Energy Mahmoud Esmat said the projects are expected to be completed and connected to the grid within two years in coordination with the Egyptian Electricity Transmission Company.

The new Egyptian BESS projects will be built in South Cairo, Damanhur and Wadi El Natrun.

Battery energy storage system (BESS) deployment has been accelerating in Egypt, with major projects securing international backing. Norwegian developer Scatec ASA recently commissioned the first phase of its 1.1 GW Obelisk solar and BESS project, backed by $479.1 million in development finance institution (DFI) debt and a fully contracted storage revenue model.

Egypt’s electricity ministry also announced plans earlier in 2026 to commission 600 MW of BESS before summer, in a bid to meet higher peak demand.

BESS and renewables manufacturing have also stepped up in Egypt in 2026. January saw Egyptian company Kemet sign a cooperation agreement with Chinese battery energy storage manufacturer Cornex to establish a $200 million battery energy storage factory in Egypt with an annual production capacity of 5 GWh. Major solar cell production capacity and Egypt’s first solar inverter factory are also in the works.

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Matthew Lynas
Matthew Lynas joined pv magazine as features editor in 2023. An experienced business-to-business journalist, Matthew is responsible for features in our monthly global print title. Previously, he served as editor of a leading UK retail magazine, covering a broad range of issues including sustainability projects in the grocery and FMCG sectors.
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