Norway’s Scatec plans to inject up to $5bn in new investments into Egypt over the next two years, company officials announced.
The new investment plan will target strategic sectors, including water desalination powered by renewable energy, green data centres, solar and wind power projects, energy storage systems, and infrastructure supporting the green transition.
The announcement came during a review of Scatec’s current strategic project portfolio in Egypt, which already represents $5bn in investments across renewable energy, energy storage, and industrial infrastructure.
Among the current developments, officials highlighted the Obelisk solar and energy storage project in Qena governorate, which has a total capacity of 1.1 gigawatts (GW) of solar power and 200 megawatt-hours (MWh) of battery energy storage systems. The company has successfully operated the first phase, comprising 500 megawatts (MW) of solar power and 200 MWh of storage, while the second phase is nearing completion and scheduled to enter service by the end of this month.
The company also detailed developments at the Energy Valley project, one of the region’s largest renewable energy and storage initiatives. The project features 1.75 GW of solar energy and 4 gigawatt-hours (GWh) of battery storage systems, aiming to provide stable, clean electricity around the clock to support industrial growth, attract local and foreign investment, and boost the competitiveness of the Egyptian economy.
Further projects in the portfolio include the 900 MW Shadwan wind power project in the Ras Shukeir region, which is one of the largest wind projects under development in Egypt, and the 1,000 MW Dandara solar project. The Dandara project incorporates 200 MWh of energy storage systems to supply clean energy to the Egypt Aluminium complex, supporting its ability to maintain export competitiveness in European markets and comply with the European Union’s Carbon Border Adjustment Mechanism (CBAM).
Scatec officials stated that meeting targeted execution deadlines is a top priority for the company, stressing that these projects are essential elements in Egypt’s strategy to enhance energy security, support industrial development, increase export competitiveness, and attract foreign direct investment. The company emphasised its full commitment to working urgently and in coordination with government entities and partners to accelerate execution schedules and meet all contractual obligations.
Egypt represents one of the company’s most important strategic markets globally, Scatec officials said, adding that past successes and continuous support from Egypt’s political leadership and government have reinforced the firm’s conviction to expand its local investments and establish Egypt as a main hub for its regional operations. The expansion plans are backed by the Norwegian government as part of a long-term strategic partnership between the two nations.
Egyptian Prime Minister Mostafa Madbouly affirmed the government’s appreciation for the strategic partnership with Scatec, noting that the company’s projects align with state plans to expand reliance on renewable energy sources, increase their share in the energy mix, maximise natural resources, and reduce carbon emissions. Madbouly added that he maintains regular follow-ups on the project implementation status.
Minister of Electricity and Renewable Energy Mahmoud Essmat described Scatec as an important strategic partner for the domestic electricity sector, noting that the ministry closely monitors project implementation. Esmat said Scatec’s desire to expand its investment portfolio reflects confidence in Egypt’s investment climate and growth opportunities, supporting the country’s transition toward becoming a regional hub for clean energy.
Norwegian Ambassador to Egypt Erik Høsem highlighted the depth of bilateral relations and their continuous development in renewable energy and sustainable development. Høsem noted that the Norwegian government supports Scatec’s expansion plans due to the promising opportunities in the Egyptian market, and conveyed greetings from the Norwegian Prime Minister to Madbouly, reiterating Norway’s commitment to enhancing cooperation across sectors of mutual interest.
The meeting, held at the government headquarters in the New Administrative Capital, was attended by Madbouly, Essmat, Høsem, Scatec Chief Executive Officer Terje Pilskog, and Mohamed Amer, Scatec’s Executive Vice President for the Middle East and North Africa region.
