Cairo: Egyptalum, a subsidiary of the Metallurgical Industries Holding Company, has signed a significant agreement with a newly formed subsidiary of Norway's Scatec to establish a 1,000 megawatt-hour solar power plant in Nagaa Hammadi, as announced by the Cabinet.According to State Information Service Egypt, the $650 million initiative will be executed over a period of 24 months in two phases, each delivering 500 MWh. This project will also incorporate battery storage capacity of up to 200 megawatts, aiming to supply clean electricity to Egyptalum's aluminium complex under a power purchase agreement (PPA). Scatec is responsible for fully financing, constructing, and operating the solar facility, which is expected to meet a significant portion of Egyptalum's electricity needs through renewable sources.Mohamed Shimi, Egypt's Public Enterprises Sector Minister, described the project as transformative for the country's aluminium industry. He emphasized that it aligns with national strategies to increase the use of renewable energy and promote environmental sustainability. The initiative is also seen as a successful example of collaboration between public, private, and international investors.The solar plant is anticipated to lower operational costs, boost production efficiency and competitiveness for Egyptalum, and reduce carbon emissions. This is particularly significant as more than 50 percent of the company's output is currently exported, primarily to European Union markets. The minister highlighted that the project underscores international investors' confidence in Egypt's market and the government's dedication to supporting green energy partnerships.