Egypt’s presidential fund will invest in 4 GWh of battery energy storage system (BESS) projects, as part of the government’s broader effort to accelerate the deployment of renewable energy.

Prime Minister Mostafa Madbouly attended the signing of a new cooperation protocol, which commits funds not only to the 4 GWh battery storage projects but also to a portfolio of wind projects with a combined capacity of 4.75 GW.

The investment for the battery projects will come from the Tahya Misr Holding Company for Investment and Development, a non-profit fund established by Egyptian President Abdel Fattah El-Sisi. According to an announcement from the Egyptian government’s state information service, Tahya Misr Holding Company will be responsible for financing and implementing the projects, with energy pricing for each set in Egyptian pounds.

Mahmoud Esmat, Minister of Electricity and Renewable Energy, stated that 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 BESS projects will be located in South Cairo, Damanhur and Wadi El Natrun.

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