Scatec Reaffirms Commitment to Expand Renewable Energy Investments in Egypt

Norway-based renewable energy company Scatec has reaffirmed its commitment to expanding investments in Egypt, citing improvements in the business environment and strong cooperation from state authorities.

During a meeting with Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, Scatec Chief Executive Officer Terje Pilskog expressed appreciation for the government’s continued support for renewable energy projects. He underscored the company’s intention to transfer its global expertise to Egypt and expand strategic partnerships to advance the country’s green economy and sustainable development objectives.

Farid stated that the Egyptian government remains focused on providing a stable and attractive investment climate to accelerate sustainable projects. He highlighted renewable energy as a central pillar in Egypt’s strategy to attract foreign direct investment (FDI), noting that the country’s competitive advantages and strategic geographic position enable it to serve as a regional clean energy hub.

The minister added that the government is working to streamline procedures and simplify licensing frameworks through transparent mechanisms to ensure faster project execution and improved economic viability for investors. A particular emphasis is being placed on technology localisation and increasing the local content component in major renewable projects.

The discussions also reviewed Scatec’s role as an international developer, financier, builder, and operator of renewable energy assets. The company’s global portfolio spans solar and wind power, battery energy storage systems, as well as expanding investments in green hydrogen and green ammonia.

Egypt was described as a key market within Scatec’s regional expansion strategy, given its renewable energy potential and location, which positions it to export electricity and low-carbon products—especially to European markets.

Plans to scale up solar power projects and electricity storage systems were also examined, with the aim of delivering stable, round-the-clock clean energy supply. Such initiatives are expected to support export-oriented industries and enhance their international competitiveness.

Both sides emphasized the importance of sustained collaboration to strengthen Egypt’s position as a leading destination for sustainability-driven investments and high-value-added FDI aligned with the global energy transition.