Scatec Signs Milestone Agreement At COP28 For Egypt’s First Hybrid Solar And Battery Project

At the UN Climate Change Conference COP28 in Dubai, Scatec ASA, a prominent renewable energy company, is championing the cause of renewable energy as a paramount solution to combat climate change. The focus is on urging increased investments in green energy, especially in emerging markets, to address the pressing global climate crisis.

COP28, a pivotal platform for global stakeholders, provides an opportunity for Scatec to align with climate experts and emphasize the urgency of transitioning towards the goals set in the Paris Agreement. The company underscores the critical role of renewable energy in shaping the world’s energy future, particularly in emerging markets.

In a significant move, Scatec has signed an early-stage cooperation agreement with the Egyptian Electricity Holding Company (EEHC) for a groundbreaking project—a 1 GW solar and 200 MWh battery storage initiative. The African Development Bank Group (AfDB) has also expressed intent to finance the project at competitive terms. This innovative project combines solar and battery storage technologies, addressing intermittency challenges, enhancing grid stability, and providing reliable, green power. The next steps involve securing land lease agreements and grid connections for the project.

Scatec CEO Terje Pilskog emphasizes the importance of these agreements during COP28, stating, “A project like the one initiated today reinforces our commitment together with Egypt and Norway to further accelerate the renewable energy transition.” The hybrid solar and battery storage plant holds promise for meeting region-wide energy needs during peak consumption periods.

As COP28 gathers leaders, civil society, and corporations, Scatec calls for sustained momentum in pursuing sustainable solutions. The company’s commitment to collaboration echoes the shared responsibility to address climate challenges, advocating for a resilient, green future. Scatec actively engages in conversations to expedite the green transition, leveraging projects to demonstrate achievable and scalable impactful change. The company sees key markets as untapped potential, serving as catalysts for regional and continental development.