Minister of Planning, Economic Development, and International Cooperation Receives Delegation from Norwegian Company Scatec to Discuss Joint Cooperation

Dr. Rania Al-Mashat:

Scatec’s $3.6 Billion Investment Portfolio is Part of the Energy Pillar of the NWFE Program.

Presidential Directives Call for Fast-Tracking Projects under the NWFE Program.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, received the board members of Norwegian renewable energy company Scatec, led by CEO Mr. Terje Pilskog, to discuss avenues of joint cooperation. The meeting took place during the delegation’s visit to Egypt, which began with an official meeting with H.E. President Abdel Fattah El-Sisi.

During the meeting, H.E. Dr. Al-Mashat emphasized the deep-rooted economic and historical relations between Egypt and Norway, which have translated into tangible, mutually beneficial projects. She highlighted the ongoing collaboration between Egypt and Scatec in advancing the energy transition and driving green growth.

Dr. Al-Mashat underscored that new partnerships with Scatec further strengthen the active collaboration between the public sector, private sector, and development partners to accelerate Egypt’s green transition. She noted Scatec’s significant contributions to several major projects, including the Benban Solar Park — one of the world’s largest solar complexes — as well as Egypt’s first green hydrogen plant in the Suez Canal Economic Zone, implemented in partnership with the European Bank for Reconstruction and Development (EBRD) and other key partners.

The Minister highlighted the signed partnership framework agreement that integrates Scatec’s renewable energy projects — with a total investment portfolio of $3.6 billion — into the energy pillar of Egypt’s country platform flagship: the NWFE program.

Dr. Al-Mashat also emphasized the Ministry’s efforts to mobilize development financing for Scatec’s current and future projects, through close coordination with international development partners including the EBRD, African Development Bank (AfDB), European Investment Bank (EIB), British International Investment (BII), and the European Union. These efforts culminated in the launch of the “Obelisk” Solar Energy Project, whose financial close agreements were signed in the presence of the Prime Minister during the “Development Finance to Foster Private Sector-Led Growth & Jobs” Conference.

She further outlined Scatec’s portfolio under the NWFE program’s energy pillar, valued at $3.6 billion, which includes: The “Obelisk” Solar Power Plant in Nag Hammadi: 1.1 GW capacity + 200 MWh of battery storage, with total investments of $600 million; Egypt Aluminum Company Solar Power Plant: 1 GW capacity + 200 MWh of battery storage, with total investments of $600 million; Egypt Green Hydrogen Project: $500 million investment to develop the first green hydrogen and ammonia production facility in the Suez Canal Economic Zone; Chadan Wind Farm Project: 900 MW capacity in Ras Ghareb, with total investments of $1 billion; and Green Ammonia Project in Damietta: $900 million in total investments.

Dr. Al-Mashat also discussed the launch of the Second Progress Report for the NWFE Program, highlighting that the ministry’s close and productive relationship with Scatec is in line with the directives of the President of Egypt to establish a fast-track mechanism for projects under the NWFE program.

It is worth noting that Scatec’s renewable energy ventures represent some of the most successful projects under the energy pillar of NWFE, which was launched as a presidential initiative for climate action. These projects build on a strong partnership between the Ministry and Scatec, enabling the company to leverage $1.7 billion in low-cost development financing mobilized under NWFE from partners such as the EBRD, AfDB, EIB, BII, and others. Scatec has also benefited from guarantees provided by the Multilateral Investment Guarantee Agency (MIGA) and from the newly launched EU investment guarantee mechanism.