The signing ceremony, held at the Cabinet's headquarters in the New Administrative Capital, was attended by Minister of Electricity and Renewable Energy Engineer Mahmoud Esmat.
The agreement falls within Egypt's strategy to enhance its
position as a regional energy hub, support efforts to export clean energy to
European markets, and expand electricity interconnection projects with
neighbouring countries, particularly Europe. The ultimate goal is to transform
Egypt into a pivotal centre for energy transfer and exchange between the
continents of Africa, Asia, and Europe.
EETC Chairperson Mona Rezk and K&K Emirati Investment
Company's Dr. Tag El Din Mustafa Seif signed the agreement.
The deal covers the preparation and execution of the final
technical, environmental, and financial studies for the project, and taking the
necessary steps to commence implementation and link Egypt's national
electricity grid with the unified European electricity network via the Italian
grid.
Dr. Madbouly stressed that the signing comes within the
state's interest in electricity interconnection with the European continent and
maximizing the benefit from natural resources, especially renewable energy
generation sources. He described it as a step towards reinforcing Egypt's
regional energy hub status.
Minister Esmat noted that the electricity link with Europe
is a strategic project for exporting Egypt's surplus renewable energy to the
European continent, with a target capacity of up to 3,000 megawatts. This will
contribute to supporting energy transition efforts, reducing carbon emissions,
and enhancing regional and international energy security.
Esmat also highlighted the critical importance the
electricity and renewable energy sector places on increasing the use of
renewable energy, reducing carbon emissions, and diversifying energy sources.
He pointed to the state's strategy aiming to increase the share of renewable
energy in the electricity mix and decrease reliance on fossil fuels.
The Minister added that the private sector is a key partner in renewable energy projects, noting that the project reflects increasing confidence in Egypt's technical and human capabilities, as well as the attractive investment environment provided by the electricity and renewable energy sector.