Latest news with #RasShukeir
Zawya
2 days ago
- Business
- Zawya
Egypt signs 6 green investments deals with development partners, private sector
Egypt penned six agreements and cooperation protocols with development partners, business associations, and private sector representatives. The key deals were signed during the 'Development Finance to Foster Private Sector-Led Growth & Jobs' conference, according to a press release. The contract aims to advance renewable energy projects, support green industries, and expand the 'HAFIZ' platform, while boosting investment and financing for enterprises. Deals Signed under NWFE Under the Nexus of Water, Food and Energy (NWFE) program, the government inked three contracts to advance its renewable energy ambitions and attract substantial foreign investment. The agreements included the financial close for the 1 GW Obelisk Solar Power Plant, which will feature 200 megawatt-hour (MWh) of battery storage. The first project, developed by Norwegian firm Scatec, will be implemented with total investments of $600 million. A total of $479 million will be provided by the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), and the African Development Bank (AfDB) to Scatec's subsidiary, Obelisk Solar Energy. Additionally, the Egyptian Electricity Transmission Company (EETC) penned a $1 billion power purchase agreement with Scatec for the 900 MW Shadwan Wind Power Project in Ras Shukeir, Gulf of Suez. The third deal was signed between IFC and AMEA Power to finance Egypt's first utility-scale battery storage project, linked to the Abydos Solar Power Plant under the program's energy pillar. Expanding 'HAFIZ' Hub Rania El-Mashat, Minister of Planning, Economic Development and International Cooperation, signed a cooperation agreement to expand the 'HAFIZ' platform. The agreement was signed with the Federation of Egyptian Industries (FEI) and other business associations to support private sector growth and enhance enterprise access to advisory and financing services. El-Mashat also inked a bilateral cooperation protocol with the Federation of Egyptian Banks to strengthen dialogue between banks and international development partners, with a focus on supporting SMEs and boosting private sector empowerment. Sustainable Green Industry (SGI) Project The Ministry of Planning, in cooperation with the EIB and the National Bank of Egypt (NBE), signed a EUR 21 million investment grant agreement to support the Green Sustainable Industry (GSI) project. On the other hand, Egypt launched an investment program to finance projects focused on pollution reduction, decarbonization, and improving energy and resource efficiency in the public and private industrial sectors. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Yahoo
4 days ago
- Business
- Yahoo
Scatec signs PPA for 900MW wind project in Egypt
Scatec has entered a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for the 900MW Shadwan wind power project. The agreement, signed through Scatec's dedicated project company Shadwan Wind Power, aims to strengthen Egypt's transition towards a sustainable renewable energy mix. The wind power project will be located in Ras Shukeir, recognised for some of the world's most favourable conditions for onshore wind power generation. Scatec CEO Terje Pilskog stated: 'This project is a testament to Scatec's position as one of the leading renewables companies in Egypt. 'We are now advancing four major renewables projects in the country, with a diversified technology base. I would like to thank all parties involved for making this happen, with a particular acknowledgement to the skills and persistence of our Egyptian team.' Comprehensive wind measurements will shortly be conducted at the site. These measurements are scheduled to conclude in the first quarter of 2026. In a related development, Scatec has announced the closure of a non-recourse project financing of $479.1m for the 1.1GW Obelisk solar and battery storage project being developed in the Nagaa Hammadi region of Egypt. The financing is being provided by the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB) and British International Investment (BII). The financing amount represents 80% of the total estimated capital expenditure of $590m. The Obelisk solar project will be developed in two phases, with the first phase comprising 561MW of solar power and 100MW/200 megawatt hours (MWh) of battery storage. It is expected to achieve its commercial operational date in the first half of 2026. The second phase, which will add 564MW of solar capacity, is scheduled for completion in the latter half of 2026. The generated energy from the project will be sold under a 25-year PPA with the EETC. Scatec has previously secured equity bridge loans amounting to $120m for the project. Pilskog stated: 'Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. 'We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners.' In early June 2025, Scatec was awarded preferred bidder status for the 123MW/492MWh Haru battery energy storage system project in South Africa. "Scatec signs PPA for 900MW wind project in Egypt" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Scatec signs PPA for 900MW onshore wind project in Egypt
Oslo/Cairo, 15 June 2025: Scatec ASA, a leading renewable energy solutions provider, has signed a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 900 MW wind project, through its dedicated project company 'Shadwan Wind Power SAE' to accelerate Egypt's transition towards a greener and more sustainable energy mix. 'This project is a testament to Scatec's position as one of the leading renewables companies in Egypt. We are now advancing four major renewables projects in the country, with a diversified technology base. I would like to thank all parties involved for making this happen with a particular acknowledgement to the skills and persistence of our Egyptian team' says Scatec CEO Terje Pilskog. The project will be located in Ras Shukeir, which has some of the worlds' best wind resources for onshore wind power. The signing of the PPA will be followed by wind measurements on the site, to be finalised in the first half of 2026, before the project is further advanced towards financial close and construction. For further information, please contact:For analysts and investors:Andreas Austrell, SVP 974 38 686 For media:Meera Bhatia, SVP External Affairs & 468 44 959 About Scatec Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of 'Improving our Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more, visit or connect with us on LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Zawya
5 days ago
- Business
- Zawya
Scatec signs PPA for 900MW Shadwan wind project in Egypt
Norwat-based renewable energy company Scatec ASA announced on Sunday that it has signed a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 900 megawatts (MW) MW wind power project in Ras Shukeir, located north of Hurghada on the Red Sea coast. The PPA was signed through Scatec's dedicated project company 'Shadwan Wind Power SAE,' the company said in a stock exchange statement. Scatec said the next step will be commissioning wind measurements on the site, to be finalised in the first half of 2026, before the project is further advanced towards financial close and construction. On Sunday, the company also announced the financial close for its 1.1GW solar + 100MW/200MWh BESS Obelisk project in Egypt. (Writing by SA Kader; Editing by Anoop Menon) (
Yahoo
5 days ago
- Business
- Yahoo
Scatec signs PPA for 900MW onshore wind project in Egypt
Oslo/Cairo, 15 June 2025: Scatec ASA, a leading renewable energy solutions provider, has signed a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 900 MW wind project, through its dedicated project company 'Shadwan Wind Power SAE' to accelerate Egypt's transition towards a greener and more sustainable energy mix. 'This project is a testament to Scatec's position as one of the leading renewables companies in Egypt. We are now advancing four major renewables projects in the country, with a diversified technology base. I would like to thank all parties involved for making this happen with a particular acknowledgement to the skills and persistence of our Egyptian team' says Scatec CEO Terje Pilskog. The project will be located in Ras Shukeir, which has some of the worlds' best wind resources for onshore wind power. The signing of the PPA will be followed by wind measurements on the site, to be finalised in the first half of 2026, before the project is further advanced towards financial close and construction. For further information, please contact:For analysts and investors:Andreas Austrell, SVP 974 38 686 For media:Meera Bhatia, SVP External Affairs & 468 44 959 About Scatec Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of 'Improving our Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more, visit or connect with us on LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
