Energy Firm Scatec to Invest USD 5 Billion in Egypt Over Two Years

Norwegian renewable energy company Scatec plans to invest up to USD 5 billion in Egypt over the next two years across projects ranging from renewable energy-powered desalination and green data centres to solar and wind farms, battery energy storage systems and infrastructure supporting the country's green transition.

Scatec outlined progress on the Obelisk project in Qena Governorate, which is described as one of Africa's largest solar and energy storage developments. The project is designed to deliver 1.1 GW of solar power and 200 MWh of battery storage.

According to the Cabinet, the first phase, comprising 500 MW of solar generation and 200 MWh of storage, has already been commissioned, while the second phase is expected to enter operation by the end of June 2026.

Scatec also presented details of the Energy Valley project, which is expected to combine 1.75 GW of solar capacity with 4 GWh of battery storage. The Cabinet said the project aims to provide round-the-clock clean electricity to support industrial activity, attract investment and strengthen the competitiveness of the Egyptian economy.

Further updates covered the 900 MW Shadwan wind project in Ras Shukeir, one of the country's largest wind farms under development, and the Dandara project, which will supply Egypt Aluminum with renewable electricity generated from 1 GW of solar power and supported by 200 MWh of battery storage.

According to the Cabinet, the Dandara project is expected to help preserve the competitiveness of Egypt Aluminum's exports to European markets and support compliance with the European Union's Carbon Border Adjustment Mechanism.

Scatec entered the Egyptian market in 2015. The company develops, builds, owns and operates renewable energy plants and currently has 6.4 GW of generation capacity and 2 GWh of storage capacity in operation or under construction across five continents.