Norway’s Scatec has signed a 25-year PPA with Egyptian Electricity Transmission Co. (EETC) for a 1 GW solar and 100 MW/200 MWh battery storage hybrid project in Egypt.“This will be the first hybrid solar and battery project in Egypt,” said Scatec CEO Terje Pilskog. “We will now finalize land lease agreements, grid connection agreements and financing, and prepare for construction of the project.”
Scatec said it has signed a mandate letter with several development financing institutions for concessional financing. The company expects to reach financial close with the lenders and start construction of the project in the first half of 2025.
Under the terms of the agreement with state-owned EETC, Scatec will be responsible for engineering, procurement & construction, asset management and operations and maintenance services for the project.
Scatec claims to have a portfolio totaling 4.7 GW of renewable energy plants in operation and under construction across four continents. In August, the company sold stakes in solar plants in Rwanda and South Africa, which it said would help finance further growth opportunities.
Earlier this year, state-owned utility Egyptian Electricity Holding Co. held an expressions-of-interest tender for the design, construction and operation of a 8.2 MW solar plant and 2 MW/4MWh battery energy storage system, which would be built at the site of an existing microgrid in western Egypt.
