Latest news with #Scatec
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. (
eNCA
3 days ago
- Business
- eNCA
Africa Energy Forum kicks off in Cape Town
CAPE TOWN - As the world looks to cleaner and more sustainable energy sources, Africa is being positioned as a future leader in green hydrogen production. At this year's Africa Energy Forum, energy company Scatec says the continent has the potential to become a global green hydrogen powerhouse. South Africa's vast solar and wind resources hold massive potential for energy production.
Yahoo
4 days ago
- Business
- Yahoo
Scatec's Obelisk solar project in Egypt attains financial close
Renewable energy solutions provider Scatec has reached financial close for its Obelisk hybrid solar and battery storage project in Egypt, which is to be delivered in two phases. Scatec will provide engineering, procurement and construction (EPC), asset management (AM), and operations and maintenance (O&M) services for the Obelisk project, with the EPC scope accounting for roughly 70% of the total capex. The non-recourse project financing includes $479.1m provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The amount covers approximately 80% of the total estimated capital expenditure of $590m. Scatec CEO Terje Pilskog said: '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.' The project's first phase comprises 561MW of solar power and 100MW/200MWh of battery storage. It is expected to reach commercial operational date (COD) in the first half of 2026. The second phase will add another 564MW of solar capacity in the latter half of the same year. Under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), the generated energy will be sold in US dollars and is backed by a sovereign guarantee. Scatec previously secured equity bridge loans (EBL) totalling $120m for the project, which allows for the postponement of project equity injections until the end of the construction period. Furthermore, the company is in advanced talks with potential equity partners, with the expectation that these discussions will conclude in the coming months. "Scatec's Obelisk solar project in Egypt attains financial close" was originally created and published by World Construction Network, 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. Sign in to access your portfolio
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. Sign in to access your portfolio
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Egypt Signs $2 Billion in Strategic Agreements to Advance Private Sector Growth
H-Tayea Egypt has announced the signing of six major agreements with international development partners, private sector companies, and business associations to accelerate its green energy transition and foster private sector-led economic growth. The deals were unveiled during the 'Development Finance to Foster Private Sector-Led Growth & Jobs' conference, hosted by the Ministry of Planning, Economic Development, and International Cooperation under the patronage of Prime Minister Mostafa Madbouly. Among the most significant agreements is a $600 million financial close for the Obelisk Solar Power Plant, a 1 GW project that includes Egypt's first utility-scale battery energy storage system. Developed by the Norwegian company Scatec, the project is supported by a consortium of international financiers including the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), and the African Development Bank (AfDB). A separate $1 billion power purchase agreement was signed for the 900 MW Shadwan Wind Power project, also led by Scatec, to be constructed in Ras Shukeir in the Gulf of Suez. Egypt is also breaking ground in battery storage, with the International Finance Corporation (IFC) partnering with AMEA Power to finance the country's first utility-scale energy storage component within the Abydos Solar Power Plant. These clean energy initiatives fall under Egypt's NWFE ('Nexus of Water, Food and Energy') program and support the country's commitment to achieving 42% renewable energy by 2030. In parallel, Egypt signed cooperation agreements with 12 key business organizations—including chambers of commerce, industry federations, and bilateral business councils—to expand access to the HAFIZ platform. Launched by the Ministry in 2023, HAFIZ serves as a digital gateway offering over 90 financing and advisory services from 44 international development partners. The platform has attracted nearly 18,000 private sector users to date and has emerged as a cornerstone of Egypt's efforts to mobilize economic diplomacy and development finance for enterprises of all sizes. In another milestone, the European Investment Bank (EIB) signed a €21 million investment grant to support the Green Sustainable Industry (GSI) project in Egypt. The project will finance initiatives in pollution reduction, energy efficiency, and industrial decarbonization in both public and private sectors. It complements a broader €271 million funding package signed at the 2024 Egyptian-European Investment Conference and includes support from the EU and the French Development Agency. Minister Dr. Rania Al-Mashat emphasized that these agreements reflect Egypt's strong international partnerships and its strategic vision to align development financing with national priorities. The conference brought together top officials from government ministries, global financial institutions, and business leaders, underscoring a unified commitment to sustainable, inclusive economic transformation. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
