Scatec inks PPA for 1-GW solar project with battery in Egypt

Norwegian renewable power producer Scatec ASA (OSL:SCATC) announced today it has signed a power purchase agreement (PPA) for a 1-GW solar and 100-MW/200-MWh battery storage project in Egypt with Egyptian Electricity Transmission Company (EETC).

The contract is USD denominated and has a 25-year term.

“This will be the first hybrid solar and battery project in Egypt and demonstrates Scatec’s strong position as one of the largest renewable energy producers in the country,” said Scatec CEO Terje Pilskog.

The company’s next steps include finalising land lease agreements, grid connection agreements and financing, and preparing for construction of the project.

Scatec has already signed a mandate letter with several development financing institutions for concessional financing. It expects to achieve financial close and begin construction in the first half of 2025. The Norwegian company will handle the engineering, procurement and construction (EPC), asset management (AM) and operations and maintenance (O&M) for the project.

Scatec’s portfolio currently includes 380 MW of solar in operation in Egypt. In an interview with Renewables Now this year, Pilskog said that the company’s green hydrogen efforts are focused on the North African country. In one green hydrogen initiative, it is partnering with Fertiglobe, Orascom Construction, The Sovereign Fund of Egypt and the Egyptian Electricity Transmission Company.

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