Norwegian renewable energy provider to invest $5bn in Egypt

Norwegian renewable energy provider Scatec is planning to invest nearly $5 billion into Egypt’s growing energy sector over the next two years.

The planned projects will bolster the company’s existing investments of nearly $5 billion in Egypt’s renewable energy, green hydrogen and other sectors.

Scatec revealed its plan to inject fresh funds at talks with Egypt’s investment and foreign trade minister Mohamed Farid in Cairo on Monday, the ministry said.

The meeting covered Scatec’s projects in Egypt in renewable energy, wind power, energy storage, green hydrogen and ammonia, and water desalination, it said in a statement.

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Farid said Egypt is pursuing plans to build strategic partnerships with major global companies to transfer technology, localise industries and enhance Egypt’s position as a regional centre for investment, production and exports.

Scatec, which is expanding in North Africa, announced in January it has signed a power purchase agreement with the Egyptian Electricity Transmission Company for a capacity of 1.95GW Solar and 3.9GWh battery energy storage systems.

It also won a contract during that month to build a 120 megawatt solar power plant in the southern Tunisian city of Tataouine.