Norwegian Scatec Solar company seeks to pump $650m in renewable energy investments in Egypt to establish five solar energy projects with a capacity of 250 MW, according to the company’s CEO, Raymond Carlsen, told Daily News Egypt.

The company will launch three solar energy plants in Banban area in Aswan with a capacity of 150 MW. In addition, Scatec Solar will co-establish two solar energy projects with a capacity of 100 MW with a number of companies that have qualified for the feed-in tariff projects in Zafarana.

Scatec Solar agreed with seven different banks to finance 75% of the five projects to be implemented in the two areas including the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD). In addition, there is cooperation with the government-owned Norwegian Investment Fund for Developing Countries, Norfund, Carlsen added.