Norwegian renewable energy company Scatec plans to invest up to $5 billion in Egypt over the next two years across several fields, including renewable energy-powered desalination, green data centers, solar and wind projects, battery energy storage systems (BESS), and infrastructure supporting the green transition, according to a Cabinet statement.
The investment plans were revealed during a meeting of Prime Minister Mostafa Madbouly with senior Scatec executives to review the status of projects being implemented in Egypt. The meeting was attended by Mahmoud Esmat, Minister of Electricity and Renewable Energy; Erik Husem, Norway’s Ambassador to Egypt; Scatec CEO Terje Pilskog; and Mohamed Amer, Executive Vice President for the Middle East and North Africa (MENA), Scatec.
During the meeting, Scatec presented the implementation status of its strategic project portfolio in Egypt, including the Obelisk project in Qena Governorate, one of Africa’s largest solar and energy storage developments. The project holds a total capacity of 1.1 gigawatts (GW) of solar power and 200 megawatt-hour (MWh) of battery storage. Scatec has already commissioned the first phase of the project, comprising 500 megawatts (MW) of solar generation and 200 MWh of storage, while the second phase is currently being completed and is scheduled to enter operation by the end of this month.
The company also outlined progress on the Energy Valley project, one of the region’s largest renewable energy and storage developments, featuring 1.75 GW of solar capacity and 4 GWh of battery storage. The project aims to provide stable, round-the-clock clean electricity to support industrial growth, attract domestic and foreign investments, and enhance the competitiveness of Egypt’s economy, the Cabinet said.
The meeting further discussed the 900-MW Shadwan wind project in Ras Shukeir, one of Egypt’s largest wind farms under development, as well as the Dandara project, which will supply the Egypt Aluminum complex with clean electricity through 1 GW of solar capacity and 200 MWh of battery storage. The project is expected to help maintain the competitiveness of the company’s exports to European markets and support compliance with the European Union’s Carbon Border Adjustment Mechanism (CBAM), the Cabinet added.
Scatec executives stressed that timely project delivery remains a top priority and noted that these developments are integral to Egypt’s strategy to enhance energy security, support industrial development, improve export competitiveness, and attract further foreign direct investment.
Scatec, considered the largest solar developer in Egypt, entered the market in 2015 . The company develops, builds, owns, and operates renewable energy plants, with 6.4 GW of generation and 2 GWh of storage capacity in operation and under construction across five continents.
