12 September, Cairo/Oslo: Scatec ASA has signed a USD denominated 25-year power purchase agreement (PPA) with Egyptian Electricity Transmission Company (EETC) for a 1 GW solar and 100 MW/200 MWh battery storage hybrid project in Egypt, the first of its kind in the country.
“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. We are pleased to have entered the PPA with Egyptian Electricity Transmission Company. We will now finalise land lease agreements, grid connection agreements, and financing, and prepare for construction of the project,” says Scatec CEO Terje Pilskog.
Scatec has signed a mandate letter with several development financing institutions for concessional financing and expects to reach financial close with the lenders and start construction of the solar and BESS hybrid project in the first half of 2025. Scatec will provide Engineering, Procurement & Construction (EPC), Asset Management (AM) and Operations & Maintenance (O&M) services for the project.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686, andreas.austrell@scatec.com
For media: Meera Bhatia, SVP External Affairs & Communications, phone: +47 468 44 959, meera.bhatia@scatec.com
