Egyptian Electricity Transmission Company secures €690 million financing package from European Investment Bank Global and European Commission for grid expansion to integrate 22 GW of renewable energy
Type: Financing · Technology: Transmission · Country: Egypt · Value: $801M · Announced: 2026-06-16
Egyptian Electricity Transmission Company (EETC) secured a €690 million ($801 million) financing package to upgrade and expand Egypt's electricity grid, enabling the integration of 22 gigawatts of renewable energy capacity by 2030. The financing combines a €600 million ($696 million) loan from EIB Global with up to €90 million ($104 million) in grants from the European Commission, with the government acting as borrower through the Central Bank of Egypt. The project, led by EETC, will construct state-of-the-art substations and install advanced transmission lines to connect solar and wind power generated in the Red Sea and Gulf of Suez regions to the national grid. Expected to reduce transmission losses and improve electricity reliability, the investment supports Egypt's national energy priorities and strengthens its role as a regional energy hub. The financing represents 44% of the total program cost, with the remaining funds provided by EETC's own resources, reflecting a shared commitment between Egypt and the EU to deliver long-term clean energy infrastructure. The EIB-supported phase will be implemented between 2027 and 2030 as part of broader efforts to modernize Egypt's national electricity system.
Counterparties
- EIB Global (Lender)
- Central Bank of Egypt (Borrower)
- European Commission (Lender)