Latest news with #ShadwanWindPower
See - Sada Elbalad
5 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
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
