Egypt’s Planning and International Cooperation Minister has met with the board of Norwegian renewable energy company Scatec to discuss its $3.6bn investment portfolio, which is part of the energy pillar of the country’s flagship NWFE climate action programme.
The Tuesday meeting between Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, and the Scatec delegation, led by CEO Terje Pilskog, followed an official meeting between the company and Egyptian President Abdel Fattah Al-Sisi.
Al-Mashat emphasised the deep-rooted economic and historical relations between Egypt and Norway, which have translated into tangible projects. She highlighted the ongoing collaboration with Scatec in advancing the energy transition and driving green growth.
The minister noted Scatec’s significant contributions to several major projects, including the Benban Solar Park and Egypt’s first green hydrogen plant in the Suez Canal Economic Zone, which was implemented in partnership with the European Bank for Reconstruction and Development (EBRD) and other key partners.
Al-Mashat said the ministry has worked to mobilise development financing for Scatec’s projects through coordination with international partners, including the EBRD, the African Development Bank (AfDB), the European Investment Bank (EIB), and British International Investment (BII).
Scatec’s portfolio under the NWFE programme’s energy pillar is valued at $3.6bn and includes the $600m “Obelisk” solar power plant in Nag Hammadi, a $600m solar plant for the Egypt Aluminum Company, a $500m green hydrogen and ammonia facility in the Suez Canal Economic Zone, a $1bn wind farm project in Ras Ghareb, and a $900m green ammonia project in Damietta.
The minister also discussed the launch of the Second Progress Report for the NWFE Program, noting that the ministry’s close and productive relationship with Scatec is in line with a presidential directive to fast-track projects under the programme.
Scatec’s renewable energy ventures represent some of the most successful projects under the NWFE programme’s energy pillar. The company has leveraged $1.7bn in low-cost development financing mobilised under NWFE from various partners and has also benefited from guarantees provided by the Multilateral Investment Guarantee Agency (MIGA) and the EU.
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