Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant

Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec (SCATC.OL) (opens new tab) for a 1-gigawatt solar plant, which will allow the project to move into its construction phase, the Egyptian cabinet said.

 

The project will involve a $600 million investment, a cabinet statement said. The government also signed a power purchase agreement for a 900 megawatt wind project that is being developed in the Gulf of Suez with Scatec.

 

Investment in the project is estimated at $1 billion. Egypt is aiming for renewable energy to provide 42% of its electricity generation mix by 2030.

 

However, the country has in recent years relied heavily on natural gas, with solar, wind, and hydropower making up only 11.5% of its electricity generation.