- The Pact is for deploying 1 GW of solar power and 200 MWh of battery storage in Egypt.
- The agreement was signed by Scatec’s CEO, Terje Pilskog, during COP28.
Norwegian renewable power producer Scatec has signed a pact for a project to deploy 1 GW of solar power, coupled with 200 MWh of battery storage, in Egypt. The Nordic firm has sealed an early-stage cooperation agreement with the Egyptian Electricity Holding Company during the UN Climate Change Conference in Dubai (COP28).
The proposed project also has a letter of intent for a financing package to be secured by the African Development Bank Group. Scatec noted in the statement that the parties will now proceed to the development phase and look to secure the terrain under land lease agreements and grid connection for the capacity.
Scatec’s CEO, Terje Pilskog, said, “We are very pleased with the agreements we were able to sign during COP28 and thank all stakeholders and parties involved. A project like the one initiated today reinforces our commitment with Egypt and Norway to accelerate the renewable energy transition further.”