Egyptian cabinet approves ‘golden license’ for Abydos Renewable Energy project

The project will cost $850 million and cover 20 km² of land allocated by the New and Renewable Energy Authority (NREA).

The project will generate 1,000 MW of electricity with a 600 MW/h energy storage system.

The initiative will create approximately 4,000 jobs.

The first phase will generate 300 MW of electricity with 300 MW of energy storage and begin commercial operations in August 2025.

Meanwhile, the second phase, with a capacity of 700 MW and 300 MW of energy storage, will begin operations in April 2026.

This project aligns with Egypt’s focus on environmental sustainability. It will reduce carbon emissions, promote clean energy, and contribute to the national electricity grid, reducing reliance on natural gas for power generation.

In addition, Prime Minister Mostafa Madbouly recently inaugurated the Abydos 1 solar plant in Kom Ombo, a 500 MW project developed by AMEA Power, a UAE-based company part of Al Nowais Investment Group.

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The cabinet also approved Egypt's subscription to the callable capital increase of the African Development Bank (AfDB) by acquiring 554,700 shares.

This move strengthens Egypt’s support for the AfDB, one of Africa’s largest financial institutions. The bank plays a key role in advancing development across the continent.

Egypt maintains a strong relationship with the AfDB, ranking second among regional countries in contributions to the bank’s capital.

The AfDB’s investment portfolio in Egypt is substantial, with over $7.5 billion in total cooperation since 1974. In 2023 alone, the AfDB funded more than $600 million in key development projects across various sectors in Egypt.