Norway’s Scatec plans to invest up to $5bn in Egypt’s renewable energy and related sectors over the next two years, officials announced during a meeting with Egyptian leaders.
The announcement came on June 22 during a review of Scatec’s existing $5bn portfolio in Egypt. Projects include the Obelisk solar and storage site in Qena governorate, the Energy Valley initiative, the 900 MW Shadwan wind project, and the 1,000 MW Dandara solar plant.
Egyptian Prime Minister Mostafa Madbouly and Electricity Minister Mahmoud Essmat welcomed the expansion. They noted that the investments support national goals for higher renewable energy use and industrial growth.
Scatec Chief Executive Officer Terje Pilskog attended the meeting in the New Administrative Capital alongside Norwegian Ambassador Erik Høsem. The company said Egypt remains a key strategic market backed by the Norwegian government.