Norwegian independent power producer (IPP) Scatec has signed an agreement with the Egyptian Electricity Holding Company to develop a project consisting of 1GW of solar and 200MWh of battery storage during the UN Climate Change Conference in Dubai (COP28).
Scatec said the next steps in the initial development phase include securing land lease agreements and grid connection for the project. In connection with this agreement, the African Development Bank Group (AfDB) has signed a letter of intent for the project’s financing package at “competitive terms”.
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The company did not unveil more details related to the project.
“At COP28, our focus is on underscoring the crucial role renewable energy must assume in shaping our energy future, particularly in emerging markets. To achieve our global climate targets, a substantial escalation of renewable energy solutions across various technologies is imperative,” said Scatec CEO Terje Pilskog.
Scatec’s presence in the continent can also be seen in South Africa, as it reached financial close for three solar projects in the country in June, which will have a combined capacity of 273MW. The projects will be built in Grootfontein, in the country’s Western Cape province, and will require an investment of around US$270 million. Scatec announced that this funding will come from the company itself, alongside US$241 million of non-recourse finance debt provided by the Standard Bank of South Africa.
In February, the Norwegian IPP sold a 42% stake in a 258MW solar plant in South Africa to help the company finance further growth.