Scatec, EEHC to build Egypt’s first solar and battery storage project

CAIRO - 3 December 2023: Norway's Scatec and the Egyptian Electricity Holding Company (EEHC) have signed a cooperation agreement for the first a solar and battery storage project in Egypt. The project envisions the development of a 1-gigawatt (GW) solar plant and a 200 megawatt-hour (MWh) battery storage facility.

Scatec has also announced that the African Development Bank Group (AfDB) has signed a letter of intent to provide a financing package for the project. The terms of the package are said to be highly competitive.

The Egyptian Cabinet has already approved the cooperation agreement between EEHC and Scatec. This decision aligns with the government's commitment to increasing the country's renewable energy capacity. By embracing projects like the solar and battery storage initiative, Egypt aims to diversify its energy sources and reduce its carbon footprint.

Additionally, Scatec and the Suez Canal Economic Zone (SCZone) have signed a memorandum of understanding (MoU) worth $1.1 billion. The aim of this agreement is to supply ships in East Port Said with green fuel. The signing took place during COP28, as part of efforts to promote sustainable practices.

Under the terms of the MoU, Scatec will be granted a license to engage in ship bunkering with green fuel in the East Port Said region. This project has investments of approximately $1.1 billion. By 2027, the production volume is expected to reach 100,000 tons of green methanol per year.