Egypt Gears Up for Massive Solar and Battery Storage Initiative

Norway’s Scatec has finalized a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a groundbreaking hybrid project in Egypt. The initiative will include 1 GW of solar power coupled with 100 MW/200 MWh of battery storage.

Scatec CEO Terje Pilskog highlighted, "This marks Egypt's first hybrid solar and battery storage project. We are now in the process of finalizing land lease agreements, grid connection terms, and securing financing to move forward with construction."

The company has also secured a mandate letter from various development financing institutions for concessional financing. Scatec anticipates achieving financial closure with its lenders and commencing construction in the first half of 2025.

As part of the agreement with the state-owned EETC, Scatec will oversee the engineering, procurement, and construction (EPC) of the project, as well as provide asset management, operations, and maintenance services.

Scatec currently boasts a portfolio of 4.7 GW of renewable energy projects either in operation or under construction across four continents. In August, the company divested interests in solar projects in Rwanda and South Africa, which it plans to reinvest in future growth opportunities.