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Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
Published by Global Banking & Finance Review®
Posted on June 15, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 15, 2025
1 min readLast updated: January 23, 2026
Egypt finalizes a deal with Scatec for a 1 GW solar plant, marking a $600 million investment. A power purchase agreement for a 900 MW wind project was also signed.
CAIRO (Reuters) -Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec 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.
(Reporting by Momen Saeed Atallah; Writing by Menna Alaa El-Din; Editing by Jan Harvey and Giles Elgood)
The investment for the solar plant project is estimated at $600 million.
Egypt also signed a power purchase agreement for a 900 megawatt wind project in the Gulf of Suez, with an estimated investment of $1 billion.
Egypt aims for renewable energy to provide 42% of its electricity generation mix by 2030.
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