Scatec plans up to $5 billion in Egypt over next two years – Cabinet

Norway’s Scatec plans to invest up to $5 billion in Egypt over the next two years across renewable power, desalination, data centres, and battery storage projects, company executives told Prime Minister Moustafa Madbouly on Monday.

The plans were outlined during a meeting with Madbouly to review Scatec’s existing projects and expansion pipeline in Egypt, according to a Cabinet statement. Scatec said progress on its current projects, alongside government support for renewable energy and industrial decarbonisation, had encouraged it to expand further in the country.

Madbouly said Scatec’s projects were aligned with Egypt’s strategy to raise the share of renewables in its power mix, strengthen energy security, and cut carbon emissions.

The meeting reviewed progress on the Obelisk solar-and-storage project in Qena, which is planned to have 1.1 gigawatts of solar capacity and 200 megawatt-hours of battery storage. Scatec has already commissioned the project’s first phase, comprising 500 megawatts of solar generation and 200 megawatt-hours of storage, with the second phase expected to begin operations by the end of June.

Executives also provided updates on the Energy Valley project, which is expected to deliver 1.75 gigawatts of solar power and 4 gigawatt-hours of battery storage.

The meeting also covered the 900-megawatt Shadwan wind farm in Ras Shukeir and the Dandara solar project, which will supply Misr Aluminum (Egyptalum) with 1 gigawatt of solar power and 200 megawatt-hours of battery storage to help it comply with the European Union’s Carbon Border Adjustment Mechanism (CBAM).

Attribution: Amwal Al Ghad English