Norway’s Scatec is committed to enhancing its investments in the Egyptian market following improvements in the business environment and effective cooperation from state authorities, Chief Executive Terje Pilskog said.
During a meeting with Egyptian Minister of Investment and Foreign Trade Mohamed Farid, Pilskog expressed the company’s appreciation for government support provided to renewable energy projects. He affirmed Scatec’s intent to transfer its global expertise and broaden its partnerships in Egypt to support the country’s transition to a green economy and sustainable development goals.
Farid stated that the Egyptian government is keen to provide a stable and attractive investment climate to support the expansion of sustainable projects. The renewable energy sector represents a primary pillar in the state’s strategy to attract foreign direct investment (FDI), he said, noting that Egypt’s competitive advantages and strategic location qualify it to serve as a regional hub for clean energy.
The government is working to facilitate procedures and simplify the licensing system through clear and transparent mechanisms to ensure rapid project implementation and economic feasibility for investors, Farid added. He noted a specific focus on localising technology and increasing the local component in major projects.
The meeting reviewed Scatec’s role as a leading international developer, financier, builder, and operator of renewable energy projects. The company’s diverse portfolio includes solar and wind power, battery energy storage systems, and an expanding presence in green hydrogen and green ammonia across global markets.
Egypt represents a pivotal market within Scatec’s regional expansion strategy, according to the discussions. The country’s capabilities in renewable energy production and its strategic location are seen as key drivers for exporting energy and low-carbon products to external markets, particularly Europe.
Plans to expand solar energy projects and electricity storage systems were also reviewed. These initiatives aim to provide stable, clean energy 24 hours a day, thereby supporting export-oriented industries and enhancing their global competitiveness.
Both parties emphasised the importance of continued cooperation to strengthen Egypt’s position as a leading destination for sustainability and green transformation investments, which contribute to high-value-added FDI.
