A delegation from Norwegian renewables developer Scatec has met with Egyptian Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat to discuss the company’s investment portfolio in Egypt.
Scatec’s project portfolio in the country, valued at $3.6 billion, is part of the energy pillar of Egypt’s flagship Nexus of Water, Food and Energy (NWFE) climate action program. The program was launched in 2022 and works to mobilize climate finance and private investments to support Egypt’s green energy transition via climate action projects.
Scatec’s projects in Egypt include the 1.1 GW Obelisk solar plant with 200 MWh of battery energy storage, which broke ground in May, and a 1 GW solar power plant with 200 MWh of battery storage for Egypt Aluminium Company following the signing of a power purchase agreement in March. Both projects have a total investment of $600 million.
Scatec's Egyptian portfolio also features the first green hydrogen and ammonia production facility in the Suez Canal Economic Zone with investments of $500 million, alongside a $1 billion 900 MW wind farm project and a $900 million green ammonia project.
According to reports from Egypt’s State Information Service, Scatec has leveraged $1.7 billion in low-cost development financing mobilized under the NWFE program and has also benefited from guarantees provided by the Multilateral Investment Guarantee Agency and the European Union. Egypt’s Ministry of Planning and Economic Development has mobilized development financing for Scatec’s projects through coordination with the European Bank for Reconstruction and Development, the African Development Bank, European Investment Bank and British International Investment.
Minister Al-Mashat discussed the launch of the second progress report for the NFWE program, noting that the ministry’s “close and productive relationship with Scatec is in line with a presidential directive to fast-track projects under the program.”
In August, the Egyptian government signed a land-use contract for a 2 GW solar cell and 2 GW solar panel complex with 1 GWh of energy storage, backed by investors from Egypt, China, Bahrain and the United Arab Emirates.
Egypt’s cumulative solar capacity reached 2.57 GW at the end of 2024, up from 1.84 GW at the end of 2023, according to the International Renewable Energy Agency (IRENA).
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