Scatec To Invest Additional $5 Billion In Egypt’s Renewable Energy And Green Infrastructure Expansion

Egypt is strengthening its position as a major clean energy hub by expanding its partnership with Norwegian renewable energy company Scatec. During a high-level meeting held on June 29, 2026, Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, met with senior Scatec officials to review the company’s ongoing projects and discuss future investments. The discussions focused on expanding renewable energy, seawater desalination, and data center development across the country.

Scatec has been operating in Egypt since 2015 and has become the country’s largest solar developer. The company currently manages an investment portfolio worth around $5 billion, covering renewable energy, battery storage, green hydrogen, green ammonia, and seawater desalination projects. During the meeting, Scatec announced plans to invest another $5 billion over the next two years. The new investment will support additional renewable energy projects, desalination facilities, and modern data centers, further strengthening Egypt’s clean energy infrastructure.

The meeting was attended by several senior officials, including Norway’s Ambassador to Egypt Erik Hoseth, Scatec CEO Terje Pilskog, Scatec Executive Vice President for the Middle East and North Africa Mohamed Amer, and Mohamed Awad, CEO of the General Authority for Investment and Free Zones (GAFI).

Minister Farid said the Egyptian government is continuing economic reforms to create a more attractive business environment for international investors. He explained that the government is working to improve competitiveness, encourage private sector participation, and increase foreign investment. According to him, renewable energy and other green industries are key parts of Egypt’s long-term economic development plans and export strategy.

Ambassador Hoseth said Norwegian companies consider Egypt an important strategic market and a gateway for expanding business across Africa. He added that the growing economic relationship between Norway and Egypt reflects the confidence of Norwegian investors in the country’s future. Scatec CEO Terje Pilskog also described Egypt as one of the company’s most important markets in the Middle East and Africa. He said strong government support has helped the company successfully develop large-scale renewable energy projects.

Scatec is currently developing several major projects in Egypt. These include the 1.1 GW Obelisk solar plant with a 200 MWh battery energy storage system in Qena, the 1.75 GW Energy Valley renewable energy project with 4 GWh of storage capacity, the 900 MW Shadwan Wind Farm in Ras Shukeir, and the 1 GW Dandara solar project, which will provide clean electricity for low-carbon aluminium production. These projects are expected to support Egypt’s energy transition, strengthen energy security, attract new investments, and create long-term economic growth.