Norwegian Renewables Company Scatec is developing a series of projects in Egypt in the context of the flagship climate action program of the country, including two Gigawatt scale on solar energy-plus storage.
A delegation by the Norwegian renewable developer Scatec has been a meeting with the Egyptian planning minister, economic development and international cooperation Rania Al-Mashat to discuss the investment portfolio of the company in Egypt.
The SCATEC project portfolio in the country, worth $ 3.6 billion, is part of the energy pillar of the flagship of Egypt of Water, Food and Energy (NWFE) Climate Program (NWFE). The program was launched in 2022 and works to mobilize climate financing and private investments to support the green energy transition of Egypt through climate action projects.
The SCATEC projects in Egypt are the 1.1 GW Obelisk Solar Plant with 200 MWh of battery energy storage, which broke the soil in May, and a 1 GW solar energy power plant with 200 MWh battery storage for Egypt Aluminium Company after signing a power purchase agreement in March. Both projects have a total investment of $ 600 million.
The Egyptian portfolio of Scatec also has the first green hydrogen and ammonia production facility in the Suez Canal Economic Zone with investments of $ 500 million, in addition to a $ 1 billion 900 MW wind farm project and a $ 900 million green ammonia project.
According to reports from the Egypt’s State Information Service, SCATEC has $ 1.7 billion in cheap development financing that is mobilized according to the NWFE program and has also benefited from guarantees provided by the multilateral investment guarantee and the European Union. The Ministry of Planning and Economic Development of Egypt has mobilized development financing for SCATEC’s projects through coordination with the European Bank for Reconstruction and Development, African Development Bank, European Investment Bank and British international investments.
Minister Al-Mashat discussed the launch of the second progress report for the NFWE program and noted that the “close and productive relationship of the ministry with SCATEC is in line with a presidential directive to speed up projects in the context of the program.”
In August, the Egyptian government signed a contract for land use for a 2 GW solar cell and 2 GW solar panel complex with 1 GWH of energy storage, supported by investors from Egypt, China, Bahrain and the United Arab Emirates.
The cumulative solar capacity of Egypt reached 2.57 GW at the end of 2024, compared to 1.84 GW at the end of 2023, according to the International Renewable Energy Agency (Irena).
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