Cairo: Minister of Investment and Foreign Trade Mohamed Farid met with senior executives of Norwegian renewable energy company Scatec to discuss the company's ongoing projects in Egypt. Discussions also covered opportunities to expand investments in data centers and clean energy, as well as the company's future plans in the Egyptian market, according to a statement by the Cabinet.
According to State Information Service Egypt, Scatec has been active in the Egyptian market with projects spanning renewable energy, energy storage, green hydrogen and green ammonia, and seawater desalination. The meeting, aimed at exploring new investment avenues, was attended by Erik Husem, Norway's Ambassador to Egypt; Terje Pilskog, CEO of Scatec; Mohamed Amer, Scatec's Executive Vice President for the Middle East and North Africa; and Mohamed Awad, CEO of the General Authority for Investment and Free Zones (GAFI).
Scatec's executives highlighted the company's current investments in Egypt, valued at about $5 billion, in addition to plans to inject another $5 billion over the next two years into renewable energy, desalination, and data center projects. The strategic expansion is seen as a testament to the strong economic ties between Egypt and Norway.
Farid affirmed that the government is embarking on its economic reform program to improve the business environment, enhance the competitiveness of the economy, and attract greater investment. He noted that renewable energy and green industries remain priorities for supporting economic growth and boosting exports, signaling a favorable outlook for Scatec's expansion plans.
Hoseth noted that Norwegian companies regard Egypt as a strategic market and a key gateway to Africa. He praised the continued growth of economic relations between the two countries, which reflects the strong confidence shared by their business communities. This sentiment was echoed by Scatec's Pilskog, who reaffirmed that Egypt is one of Scatec's most important markets in Africa and the Middle East.
Scatec, considered the largest solar developer in Egypt, entered the market in 2015. Its key projects include the 1.1 gigawatt (GW) Obelisk solar and 200 megawatt-hour (MWh) battery storage project in Qena, the 1.75 GW Energy Valley renewable energy and 4 gigawatt-hour (GWh) storage development. Additionally, the company is developing the 900-MW Shadwan Wind Farm in Ras Shukeir and the 1 GW Dandara solar project, which will supply Egypt Aluminum with clean electricity to support low-carbon industrial production and exports.