Egypt secures $1.8B renewable energy projects with scatec, sungrow in SCZone

Prime Minister Mostafa Madbouly attended a ceremony today marking the signing of agreements for two major renewable energy projects in the Suez Canal Economic Zone (SCZone), with a combined investment of over $1.8 billion.

The first project, developed by the Norwegian company Scatec, involves the construction of a large-scale solar power plant in Minya Governorate, named Valley for Sustainable Energy, Energy Valley, along with battery-based energy storage systems.

The second project, developed by the Chinese company Sungrow, will establish a manufacturing facility within SCZone for producing energy storage batteries. Part of the output from this factory will be supplied to the solar energy plant in Minya.

These projects are being carried out in collaboration with the Ministry of Electricity and Renewable Energy and the SCZone, according to a Cabinet statement.

An energy purchase agreement for the Energy Valley project was signed between the Ministry of Electricity and Renewable Energy, represented by the Egyptian Electricity Transmission Company, and Scatec.