Latest news with #solarplant
Zawya
5 days ago
- Business
- Zawya
Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
CAIRO - 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)
Reuters
5 days ago
- Business
- Reuters
Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
CAIRO, June 15 (Reuters) - Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec ( opens new tab 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.
Zawya
29-05-2025
- Business
- Zawya
Egypt Aluminum targets $274mln profits in FY25/26
Cairo – The shareholders of Egypt Aluminum greenlighted the estimated budget for fiscal year (FY) 2025/2026, targeting net profits valued at EGP 13.71 billion. The ordinary general meeting (OGM) passed the capital budget with a value of EGP 5.91 billion, according to a bourse statement. Last March, the EGX-listed company penned a power purchase deal with Norwegian company Scatec to establish a 1 GW solar plant at a total cost of $750 million. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
